ElevateBio, a Cambridge, MA-based company focused on cell and gene therapies, has reportedly named AlloVir as the first company in its portfolio. The announcement was made with regard to a USD120 million series B round for the portfolio company, led by Fidelity Management and Research, along with Gilead Sciences, F2 Ventures, Redmile Group, Invus, EcoR1 Capital, Samara BioCapital and Leerink Partners Co-investment Fund.
Formerly known as ViraCyte, AlloVir is building allogeneic cell therapies for viral diseases and is planning Phase III studies for its lead product candidate, Viralym-M, within the next 12 months. The cell therapy is focused on six viruses which are frequently found in patients with compromised immune systems, namely BK virus, JC virus, cytomegalovirus, adenovirus, human herpesvirus 6 and Epstein-Barr virus. And these viruses can be specifically problematic in immunocompromised patients like those undergoing hematopoietic stem cell or organ transplantation, with those with cancers, HIV or other immunodeficiency diseases.
Akin to ElevateBio’s business model, another company BridgeBio, a Palo Alto, California-based biopharmaceutical company focused on genetic diseases, had launched nearly 4 years back in 2015 with a focus on genetically targeted drugs for hereditary diseases and cancers. BridgeBio’s model was developed in coupled with the Massachusetts Institute of Technology’s Sloan School of Management. Recently, ElevateBio raised a USD150 million from F2 Ventures, along with EcoR1 Capital, Redmile Group and Samsara BioCapital as part of its Series A funding round last week.