King of Prussia-based XyloCor Therapeutics has managed to raise $67.5 million in Series B financing to advance its gene therapy for refractory angina, writes John George for the Philadelphia Business Journal.
The financing round was led by a new investor in XyloCor, Paris investment firm Jeito Capital. EQT, Fountain Healthcare Partners, and Lumira Ventures – who are already existing investors – also participated.
The biopharmaceutical company that was founded twelve years ago, also raised $41.9 million in a Series A round in 2021.
According to company CEO Al Gianchetti, the funds will make it possible for the company to complete two phase 2 clinical trials for XC001. This is its experimental gene therapy for refractory angina and is a supplemental treatment to coronary artery bypass graft surgery.
Gianchetti said that both treatments have the potential to generate peak sales ranging from $3 billion to $4 billion.
The company is also working on XC002 as a potential treatment for patients with heart attack-related cardiac tissue damage. The treatment is currently in preclinical testing.
XyloCor’s mission is “to help people with cardiovascular disease who have no treatment options,” said Gianchetti.
Read more about XyloCor Therapeutics in the Philadelphia Business Journal.
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