FoldRx closes $43M financing

FoldRx Pharmaceuticals, a US development-stage biotechnology company focused on protein misfolding diseases, says that it has successfully raised $43.0 million in a series B financing. The funds will be used for the continued clinical development of FoldRx' lead clinical candidate, Fx-1006A, and to advance its pipeline, which is initially focused on hereditary amyloidosis and neurodegenerative diseases, including Parkinson's disease. Texas Pacific Group Ventures and Alta Partners led the round, which also included Novartis BioVenture Fund, as well as original investors, HealthCare Ventures and Fidelity Biosciences.

FoldRx is nearing completion of a Phase I trial for Fx-1006A, which the company is developing for familial amyloid polyneuropathy and cardiomyopathy and expects to begin a clinical efficacy trial in FAP patients later this year. The compound is a first-in-class, disease-modifying, small-molecule that is designed to inhibit the formation of amyloid deposits by binding and stabilizing the transthyretin protein, precluding misfolding and subsequent deposition of TTR.