Malvern-based XyloCor Therapeutics has closed a $41.9 million venture capital funding round, writes John George for the Philadelphia Business Journal.
The gene therapy company that is developing a treatment for patients with cardiovascular diseases bought an additional $22.6 million in its oversubscribed Series A round that started in 2018.
Fountain HealthCare Partners led the round, with new investors including Longwood Fund and Lumira Ventures. All existing institutional investors participated in the financing.
XyloCor will use the proceeds to advance development of its lead gene therapy candidate, XC001. The treatment is currently in early-stage clinical testing on patients with refractory angina, a chronic condition with no current treatment.
The company will launch a new trial to study XC001 as a potential adjunctive therapy to improve the effectiveness of coronary artery bypass graft surgery.
“With the support of our investors, we can build on the progress we have made since our initial funding to pursue, with a sense of urgency, new clinical indications where XC001 has promise for addressing unmet medical needs,” said Al Gianchetti, CEO of XyloCor.
The company currently has eight full-time employees and plans to add up to six staff members before the year’s end.
Read more about XyloCor Therapeutics in the Philadelphia Business Journal here.