Codiak BioSciences has executed a $76.5M Series C round, which will move Codiak’s total fundraising efforts to $170M, sets up the biotech company to move its lead drug candidate into clinical trials. Massachusetts-based Codiak surfaced in 2015 boastfulness a leadership team led by ex-Biogen R&D chief Doug Williams and $31 million in VC funding. A $61 million series B after just months later as Arch Venture Partners, Flagship Ventures, and other investors placed large wages on biotech piled in.
Flagship, Arch and other present investors have come back for the $76.5M round, which records the point that Codiak has set its sights on clinical trials. During the series A, Williams discussed the potential of getting into phase 1 in 2016. But Codiak is now at the point it has initial product candidates ready to undergo the final steps in the preclinical process.
While the deadlines have been adjusted since the series A, Codiak’s scientific focus has remained stable. The biotech was founded on roots of research that expanded the understanding of the role of exosomes further than cellular trash removal.
Back in June, an MD Anderson team including Raghu Kalluri, M.D., Ph.D., who was an early collaborator with Codiak, reported uptake of RNAi-laden exosomes by pancreatic tumors in animals like mice. That increased optimism that the approach can drug KRAS, a hard-to-hit location of oncogenic mutations. Though the question remains of whether the payload suffers lysosome-dependent degradation unanswered. Codiak is now nearly ready to begin dismissing doubts with clinical data.
“Investors are clearly seeing the versatility of exosomes as a therapeutic platform with broad utility and the capacity to address currently undruggable targets, offering multiple paths to clinical and commercial success,” Williams stated in a statement.