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news.Gene-editing firm CRISPR Therapeutics has raised an additional $38m as part of series B financing, bringing the total investment in the round to about $140m.
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Vertex Pharmaceuticals and Bayer Global Investments led the earlier Series B investment.
The second, oversubscribed closing of the Series B financing, includes various new institutional investors and specialized healthcare funds.
Participating investors in the round include Franklin Templeton Investments, New Leaf Venture Partners, funds advised by Clough Capital Partners and Wellington Capital Management, and other undisclosed funds specializing in life sciences.
The funding will support the development of its CRISPR/Cas9 gene-editing platform, which is a technology that allows for precise, directed changes to genomic DNA.
The company plans to use the proceeds to advance its existing and future programs to the clinic and expand its research and development organization in Cambridge, Massachusetts.
CRISPR Therapeutics CEO Rodger Novak said: "Along with the recent investments made by our strategic partners, Vertex and Bayer, we believe this further investment represents a strong validation of our approach to translate the novel CRISPR/Cas9 gene-editing technology into life-changing medicines for patients."
In December 2015, CRISPR Therapeutics and Bayer agreed to establish a joint venture (JV) to develop new treatments for curing blood disorders, blindness and congenital heart disease.
The JV will unite CRISPR-Cas9 gene editing technology with Bayer’s protein engineering and disease expertise.