U.K.-based gene therapy company Orchard Therapeutics Ltd. completed an oversubscribed $150 million series C financing.
The financing was led by Deerfield Management Co. LP with participation from RA Capital Management LLC and Venrock Associates, among others. Cowen served as exclusive placement agent for the financing.
Orchard Therapeutics intends to use the proceeds to fund the development of its three most advanced clinical programs, two of which the company acquired earlier this year from GlaxoSmithKline PLC.
The drug candidates include OTL-101 for treating a metabolic disorder called adenosine deaminase severe combined immunodeficiency; OTL-200 as a treatment for the accumulation of fats in certain cells in the nervous system, known as metachromatic leukodystrophy; and OTL-103, a therapy for a rare disease, Wiskott–Aldrich syndrome, in the registration and commercialization stage.
The proceeds will also be used for preclinical and clinical development of the company's gene therapy program.
Orchard Therapeutics develops and commercializes gene therapies for patients with orphan diseases. It develops stem cell gene therapy to restore normal gene function in primary immune deficiencies, metabolic diseases and blood disorders.