Lexington, Massachusetts – January 7, 2019 – Keros Therapeutics, a company dedicated to the discovery and development of novel therapeutics for neuromuscular diseases, announced a $23 million Series B financing today.
This investment, coupled with Series A in 2016, brings the company’s total venture funding to $34 million to date. The financing round included participation from existing investors Pontifax, Arkin Bio Ventures, Partners Innovation Fund, and Medison Pharma, and added Global Health Sciences Fund (GHS) as a new investor. Proceeds from this financing will be used to advance Keros’ two lead programs from preclinical validation through clinical proof-of-concept. The first program is focused on the inhibition of activin receptor-like kinase-2 (ALK2), a human protein that is the genetic driver for the orphan disease fibrodysplasia ossificans progressiva (FOP), while Keros’ second program is focused on therapeutics for other rare neuromuscular diseases. Funding will allow Keros to develop both programs through Phase II clinical trials.
FOP is a rare disease that involves tissues, such as muscle, ligaments and tendons, that are gradually replaced by bone. Patients affected by FOP generally survive to 40 years of age, and there is currently no cure or approved treatment. Keros secured its first funding in April 2016.
“The Keros team has a deep understanding of the biology relevant to the growth and development of skeletal muscle, and today’s announcement takes us one step closer to our goal of developing proprietary therapeutics to treat rare – and debilitating – neuromuscular diseases,” said Jasbir S. Seehra, Ph.D., President and CEO of Keros. “The funding received to date has allowed Keros to achieve the preclinical milestones for our programs, and we are thrilled to be able to drive our programs into the clinic through this investment.”
In addition to the Series B financing announcement, Keros is pleased to welcome Dr. Zafrira Avnur to its Board of Directors. Dr. Avnur has been Chief Scientific Officer at Quark Venture Inc. since October 2016. Prior to Quark, she was the Global Head of Academic Innovation for Roche Partnering, responsible for creating relationships with the world’s leading academic institutions and world class innovators, where she created nine start-up companies.
“We are excited to see Keros so quickly making the transition to a clinical-stage company with the achievement of having both programs in Phase 1 trials in 2019”, said Ran Nussbaum, Managing Partner of Pontifax and Chairman of the Keros Board of Directors. “In addition, we are pleased that Dr. Avnur has joined our Board of Directors, as she is renowned for her leadership on drug development and her network includes clinical, corporate and academic representatives from across the globe. We welcome her dynamic presence and expertise as we continue to build on what we do best – exploring new ways to improve the lives of thousands of people who suffer from neuromuscular diseases.”