Edgewise Therapeutics raises $95M to fund muscular-dystrophy drug trials

BOULDER — Edgewise Therapeutics Inc. has more than doubled its previous fundraising rounds by closing a $95 million Series C round as it embarks on its first clinical trial for its muscular dystrophy drug candidate.

The Boulder company said Wednesday that the funds will primarily go toward clinical testing of its lead drug candidate EDG-5506, and also be used to pursue future licensing agreements and clinical research collaborations with other rare-disease drug developers.

The round is on top of the $50 million it raised in 2019 and brings its total venture-capital dollars to $160.5 million.

SPONSORED CONTENT

Business Cares: May 2024

As Mental Health Awareness Month unfolds in Colorado, it serves as a reminder of the collective responsibility to prioritize mental well-being.

Edgewise launched Phase I trials for EDG-5506 in mid-November, seeking to recruit 152 healthy volunteers and adults with Becker muscular dystrophy to determine if the drug is safe at a baseline level.

EDG-5506 is a genetic treatment for Becker muscular dystrophy, a type of MD that causes progressive muscle weakness in the legs and pelvis that affects an estimated one in 17,000 newborn males worldwide.

The drug is also thought to have benefits for patients with Duchenne’s MD, a more aggressive form that attacks the entire body, and limb-girdle MD, which attacks the legs and arms.

All three of those muscular dystrophy types are thought to be caused by mutations in the gene that creates dystrophin, a key part of the protein complex that helps develop muscle strength. 

© 2020 BizWest Media LLC