Strand Therapeutics adds $45m to Series A

Strand Therapeutics has added an additional $45M to its Series A financing round, bringing the total amount raised to $97 million.

Strand is a programmable mRNA company developing curative therapies for cancer and other diseases.

The round was led by new investor FPV, with participation from Eli Lilly and Company, Potentum Partners, and existing investors Playground Global, and a further unannounced syndicate.

Funding from the round will be used to advance Strand’s first drug candidate, a programmable mRNA therapy for solid tumour immuno-oncology into Phase 1 clinical trials next year.

Strand will also expand its multidisciplinary team across biology, bioengineering, bioinformatics, manufacturing, automation, and various G&A functions.

Strand Therapeutics CEO and co-founder, Jake Becraft, said

“We raised this round at a step-up valuation from several of the most reputable global investors in the industry.

“The idea behind Strand and programmable mRNA in cancer, is to stimulate an immune response against the tumour using messenger RNA.

“With support from a world-class investor consortium, we are set to accelerate clinical development for our lead candidate in oncology with first-in-human data expected shortly following trial initiation.

“Our technology will enable mRNA to reach its full potential and expand beyond the scope of vaccines into a rigorous therapeutic modality.”

Pegah Ebrahimi, Co-Founder & Managing Partner of FPV, said:

“Strand is bringing the promise and potential of messenger RNA-based therapeutics beyond vaccines to treat some of the hardest diseases to target such as cancer.

“mRNA is a future cornerstone of medicine, and Strand is on an ambitious path to push the industry beyond the challenges of traditional mRNA technologies with their precision.

“The convergence of biology and technology with next-generation programmable mRNA will fuel new opportunities for this ground-breaking technology to improve human lives, beginning with the millions of patients with cancer who desperately need new therapies with better efficacy and safety.

“We could not be more thrilled to back this remarkable team.”