Moderna Therapeutics raised $500 million funding for drug development

Moderna Therapeutics, a clinical stage biotechnology company that is pioneering messenger RNA (mRNA) therapeutics and vaccines to create a new generation of transformative medicines for high unmet medical needs in patients, announced that it has raised $500 million in a new funding round.

The funding will help drive the company’s continued execution of its rapidly growing pipeline of 19 development candidates – including 10 programs in clinical trials. Proceeds will also be used to further Moderna’s investment in its research engine and other 2018/2019 priorities including: innovative drug discovery in rare disease and prophylactic vaccines, while initiating several phase two clinical trials; continued investment in mRNA science and technology to further advance the company’s mRNA development and delivery platform;  and investment in the company’s manufacturing infrastructure and digital backbone.

“We continue to execute across the organization and against our goal of rapidly building a pipeline of mRNA medicines, which we have demonstrated by moving 10 candidates into the clinic over the past 24 months.” said Stéphane Bancel, Chief Executive Officer of Moderna. “This past year we have demonstrated an ability to scale our platform and introduce new development candidates across multiple disease modalities, including promising opportunities in rare disease, immuno-oncology, and cardiovascular and infectious diseases.”

Privately held Moderna, headquartered in Cambridge, Massachusets, USA, pioneers the discovery and development of messenger RNA (mRNA) therapeutics and vaccines, an entirely new class of medicines that directs the body’s cells to produce intracellular or secreted proteins that can have a therapeutic or preventive benefit for both patients and healthy individuals. With its breakthrough platform, Moderna is creating mRNA medicines for a wide range of diseases and conditions, in many cases by addressing currently undruggable targets or underserved areas of medical need.

SOURCE: business wire
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