Frequency Therapeutics, Inc. announced that it has received $40.802912 million in funding from a group of investors
January 06, 2019
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Frequency Therapeutics, Inc. announced that it has issued 44,319,839 series B preferred share at a price of $0.920439 per share, and 10,000 series B-1 preferred share at a price of $0.920439 per share for total gross proceeds of $40,802,912.679321 in its funding led by new investors Taiwania Capital Management Corporation and Axil Capital on January 7, 2019. The transaction involved participation from new investors Yonjin Capital and DF Investments, and existing investors Polaris Founders Capital, Alexandria Venture Investments, LLC, Cobro Ventures, inc., Korea Investment Partners Co. Ltd., and Emigrant Capital Corp. The company has raised $87,000,000 in funding till date. As part of the transaction, Joel Marcus from Alexandria Venture Investments, LLC and Michael Huang from Taiwania Capital Management Corporation will join the company's board of directors and Fred Shane from Axil Capital and Daguang Wang Ph.D. from Yonjin Capital joined the company as board observers. The shares carry non-cumulative fixed dividend value of 8% per annum and will be convertible into common shares at a fixed conversion price of $0.920439 per share. The shares are convertible, and redeemable. The round was raised at post money valuation of $113,459,082.
Korro Bio, Inc. is a biopharmaceutical company. The Company discovers, develops, and commercializes genetic medicines based on editing ribonucleic acid (RNA), enabling treatment of both rare and highly prevalent diseases. The Company is generating a portfolio of differentiated programs that are designed to harness the bodyâs natural RNA editing process to effect a precise yet transient single base edit. By editing RNA instead of DNA, it is expanding the reach of genetic medicines. Its Oligonucleotide Promoted Editing of RNA (OPERA) is a foundational platform for RNA editing, which is designed to edit RNA in vivo by delivering an oligonucleotide guide that can target specific RNA sequences. The Companyâs first development candidate, KRRO-110, is in development as a potential treatment for Alpha-1 Antitrypsin Deficiency (AATD), that has the potential to be disease-modifying and provide a differentiated therapeutic option.