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news.Osprey Pharmaceuticals USA, which develops protein therapeutics for the treatment of inflammatory and autoimmune conditions, has raised $11 million in its first round of venture capital funding.
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The financing was led by Burrill & Company with participation from Novo Nordisk Biotech Fund, Yasuda Enterprise Development, GeneChem Therapeutics Venture Fund, BDC Venture Capital and Western Technology Seed Investment Fund.
Osprey Pharmaceuticals USA will deploy these funds to advance the company’s lead product, a therapeutic fusion protein known as CCL2-LPM, into a safety and proof-of-concept clinical trial. CCL2-LPM is designed to target the CCL2-CCR2 chemokine ligand and receptor axis, which play a significant role in inflammatory kidney diseases and other autoimmune and inflammatory conditions.
Proceeds will also be applied to the discovery and development of additional therapeutics that have emerged from the company’s proprietary platform for the discovery of therapeutic leukocyte population modulators.
In conjunction with the financing, Jack Anthony, John Hamer of Burrill & Company, Martial Lacroix of GeneChem and Jean-Francois Pariseau of BDC Venture Capital will join Osprey Pharmaceuticals USA’s board of directors.
Jack Anthony, CEO of Osprey, said: “These funds will enable us to advance our lead compound, a promising treatment designed to reduce kidney damage, into the clinic and to advance additional early-stage compounds in our pipeline together with our partner Osprey Pharmaceuticals of Canada.”