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Morningside Ventures leads a Series B round for DNAtrix

DNAtrix has closed $20 million in Series B financing. Morningside Ventures led the round with participation from previous backers that include Mercury Fund and Targeted Technology Fund. In addition to the funding, the company has added Reenie McCarthy of Morningside to its board of directors. Based in Houston and San Diego, DNAtrix is a a clinical-stage oncolytic immunotherapy firm.

PRESS RELEASE
SAN DIEGO, Oct. 14, 2014 /PRNewswire/ — DNAtrix, a clinical-stage oncolytic immunotherapy company, announced that it has completed a $20M Series B equity financing. New investor Morningside Ventures led the round and was joined by existing investors including Mercury Fund, Targeted Technology Fund and others. Ms. Reenie McCarthy has joined the DNAtrix Board of Directors for Morningside.

“Securing this funding is a significant milestone that will enable us to advance our lead oncolytic virus product, DNX-2401, into late stage clinical trials for glioblastoma,” said Frank Tufaro, Ph.D., president and chief executive officer of DNAtrix. “We have encouraging results from four completed and ongoing clinical studies, and this over-subscribed funding round validates our data-driven clinical approach.” DNAtrix previously reported the outcome of a Phase 1 clinical study of DNX-2401 in 37 recurrent glioblastoma patients that showed durable tumor responses and long- term benefit in a significant subset of patients.

“We are pleased to work with DNAtrix to address this critical need,” said Reenie McCarthy, for Morningside. “As long-time believers in the potential of oncolytics, we are gratified to see this promising treatment progress for this unmet medical need.”

About Morningside
Morningside is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged primarily in private equity and venture capital investments. The group has investments in North America, Europe, across Asia-Pacific, and since 1992, in Mainland China. Morningside is an active investor in early-stage life science companies formed around new technologies that represent a high degree of novelty over existing technologies. More information is available at www.morningside.com.

About Mercury Fund, Inc.
Mercury Fund is a seed-stage venture capital firm that makes equity investments in compelling and novel software and science-based startup opportunities. Since inception in 2005, Mercury Fund has become one of the most active seed-stage venture firms in the Midcontinent.

About DNAtrix, Inc.
DNAtrix is a company developing modified viruses for the treatment of the most aggressive forms of cancer. Since viruses are already efficient at killing cells, scientists have harnessed this ability by modifying a common cold virus so that it targets and selectively kills cancer cells. DNAtrix is a privately held company located in Houston, Texas and San Diego, California. For more information, please visit the Company’s website at http://www.dnatrix.com.

Source: https://www.pehub.com/2014/10/morningside-ventures-leads-a-series-b-round-for-dnatrix/

October 14th 2014 back

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