US-based biotechnology company Garuda Therapeutics has secured $50m in a Series A-1 funding round to advance its off-the-shelf blood stem cell therapies.
The financing will advance the development of Garuda’s hematopoietic stem cell (HSC) therapies, designed to treat severe and life-threatening diseases.
The investment round saw participation from OrbiMed, Northpond Ventures, and Cormorant Asset Management, alongside new investment from Japanese drugmaker Kyowa Kirin.
The financing underscores the increasing need for an immediate, off-the-shelf and cost-effective solution to stem cell transplants.
Garuda’s technology can transform stem cell transplants by providing a durable, human leukocyte antigen (HLA)-compatible, and transgene-free solution.
OrbiMed managing partner Carl Gordon said: “We are honoured to be backing Garuda as they disrupt the market with their innovative readily available, off-the-shelf technology.
“The company’s vision for the future of hematopoietic stem cell transplantation without the need for stem cell donors make this a compelling investment opportunity.”
Garuda will use the funding to advance its pipeline into clinical trials, build an experienced team, and scale its in-house manufacturing capabilities.
The company also plans to use the financing for other operational activities.
Its first product candidate will be evaluated in HLA-matched patients with bone marrow failure syndrome and beta-thalassemia.
Garuda said its advanced approach could potentially eliminate the dependency on donor blood cells, addressing a wide range of blood disorders.
Garuda Therapeutics CEO Avanish Vellanki said: “Garuda’s first off-the-shelf hematopoietic stem cell transplantation candidate has the potential to HLA-match approximately 12% of the global population without the need for a donor.
“Additional drug candidates, leveraging the same technology, are aimed to grow the HLA-matched eligible patient population to up to half of the global population for treatment of a range of diseases where a reset of bone marrow function is needed.
“This funding will enable us to accelerate clinical development of our novel technology and move us closer to delivering transformative therapies to patients where there is a great medical need.”
