Oisín Biotechnologies Raises $15 Million in Series A Round to Advance Age-Related Disease Treatments
Thursday, July 25, 2024
Oisín Biotechnologies, a private biotech company focused on combating age-related diseases, has announced the initial close of its $15 million Series A funding round. AbbVie Ventures led this first tranche of funding and will also join Oisín’s Board of Directors and Scientific Advisory Board.
The capital from this Series A round will be used to push Oisín’s pipeline of age-related disease therapies closer to clinical trials. Current projects include therapies aimed at reducing unwanted fat and enhancing muscle mass to address frailty. These therapies are based on Oisín’s novel genetic medicine platform, which uses the Fusogenix Proteo-lipid Vehicle (PLV) delivery system developed by Entos Pharmaceuticals.
Oisín Biotechnologies’ CEO, Matthew Scholz, commented on the funding: “Securing this initial funding is a crucial step towards advancing our pipeline into clinical development. We are excited to have AbbVie Ventures as our leading investor, whose expertise in drug development and commercialization will add significant value beyond just the financial support.”
Danjuma Quarless, Ph.D., Associate Director at AbbVie Ventures, will join Oisín’s Board of Directors, and Darin Messina, Ph.D., Senior Vice President of Aesthetics R&D at AbbVie, will join the Scientific Advisory Board. Quarless emphasized the growing interest in therapies for age-related conditions, driven by the increasing popularity of GLP-1 agonists such as semaglutide and tirzepatide, which has created a significant market opportunity for Oisín’s muscle-building therapies.
Source: businesswire.com
