NEW YORK – Remix Therapeutics on Tuesday said it has raised $70 million in a Series B funding round, which it will use to advance treatments for cancer and other diseases that reprogram RNA processing.
New investor Surveyor contributed to the financing, as did existing investors Foresite Capital, Atlas Venture, The Column Group, Arch Venture Partners, Alexandria Venture Investments, and Casdin Capital.
The firm will use the capital to develop its REMaster drug discovery platform and use it to identify small molecule therapies that can selectively degrade RNA, enhance RNA expression, induce exon skipping, or rescue genetic lesions. By targeting RNA processing, Remix expects to develop drugs for cancer, central nervous system diseases, and rare conditions.
"Drug discovery has primarily centered on targeting proteins, but many genetically validated disease mechanisms and targets remain unaddressed," Michael Rome, managing director at Foresite Capital, said in a statement. "Alternate approaches to building new medicines are needed, so we are thrilled to support Remix's mission to create a new set of tools to not only treat disease in new ways, but to treat diseases more effectively."
The company is developing its own therapeutic pipeline but has not disclosed any of the drug candidates.
In February, Remix partnered with Janssen to use the REMaster platform to discover and develop small molecule therapeutics that modulate RNA processing. Janssen will have exclusive rights to three targets discovered by Remix with applications in immunology and oncology. Under that deal, Remix received a $45 million upfront payment, and is eligible for milestone payments worth up to $1 billion for any drugs identified through the partnership.
Cambridge, Massachusetts-based Remix launched in December 2020 with $81 million in Series A financing.