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news.Intradigm, a developer of targeted, systemic RNA interference therapeutics, has closed the final tranche of its series B financing. Astellas Venture Management led the $2.9 million tranche, with existing investor, Lilly Ventures, also participating. The addition of these funds brings the total series B financing to $21.4 million.
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Intradigm will use series B funds to advance its RNA interference therapeutics platform, which is comprised of both its siRNA intellectual property, as well as its proprietary delivery technology, toward the development of systemic siRNA therapeutic candidates with an initial focus on cancer targets.
Intradigm has also announced that Mohammad Azab has resigned from his position as CEO but will retain his position on Intradigm’s board of directors. Dr Azab will be succeeded as CEO by Philip Haworth who previously served as the company’s vice president of business development.
Dr Haworth has more than 15 years of management experience in the biotechnology industry. He has previously held senior executive roles at several biotechnology companies including Genencor International and Cor Therapeutics, among others. In these positions, he has reportedly led the identification and negotiation of collaborative and licensing agreements with a range of global and regional pharmaceutical companies.
Jamie Topper, chairman of Intradigm’s board, said: The board would like to thank Dr Azab for his valuable contributions to building the company and successfully raising the recent series B financing. We are delighted that he will continue his strategic role on Intradigm’s board. At the same time, we are excited to have Dr Haworth assume the role of CEO and apply his impressive breadth of industry experience to the continued success of the company.