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Biotechnology company Triplet Therapeutics launches with $59M in financing

Gene treatment biotechnology company Triplet Therapeutics Inc. has launched with $59 million in financing.

The company, which aims to treat disorders occurring as a result of DNA and RNA sequences expanding beyond a certain length, received $49 million from financing led by MPM Capital and Pfizer Inc.'s venture capital unit Pfizer Ventures U.S. LLC.

Atlas Venture, which co-founded Triplet and initially invested $10 million in it, also joined the round of financing alongside Invus, Partners Innovation Fund and Alexandria Venture Investments.

The company targets specific genetic activity by developing drug candidates that use antisense oligonucleotide — small pieces of DNA or RNA that bind to specific parts of genetic sequences — and small interfering RNA, which interferes with RNA at certain points of a sequence.

Triplet was founded in 2018 by Nessan Bermingham, a serial biotech entrepreneur and venture partner at Atlas Venture, along with Atlas Venture and Andrew Fraley.