Decibel Therapeutics, a company focused on the discovery and development of medicines to treat hearing loss and hearing-related disorders, has raised $55m in a Series C financing.
All existing investors, including Third Rock Ventures, GV, SR One, and Regeneron Pharmaceuticals, participated in the round, and were joined by new investors including Foresite Capital, Bessemer Trust, Schroder Adveq, SCubed Capital, Longevity, and additional undisclosed institutional investors.
Proceeds from the financing will be used to advance Decibel’s clinical and preclinical product candidates as well as to build out its comprehensive hearing drug discovery and development platform and capabilities.
Decibel president and CEO Steven Holtzman said: “We are gratified by the support of our existing investors and delighted to be joined by a group of distinguished new investment partners who share our vision of building the world’s leading hearing therapeutics company.
“Our new partners have track records of long-term commitments to building great companies, including following their private investments with meaningful participation in subsequent public financings.”
In conjunction with this financing round, Dr. Anthony Philippakis, Venture Partner at GV, has joined the company’s board of directors and George Scangos, CEO of Vir Biotechnology, has assumed the role of Chair of the board.
Source: Company Press Release