Melbourne-based biotech startup exteRNA has raised $11 million in seed funding as it progresses plans to develop transformative therapies that target a unique aspect of RNA processing to fight cancers that are difficult to treat.
The seed round was led by the Australian arm of UK-based intellectual property investor IP Group, with participation from Tin Alley Ventures, WEHI Ventures and HostPlus.
ExteRNA says the funds will help advance its unique platform and lead program, which will harness the potential of small molecules to selectively target and modulate RNA processing pathways that are important to disease.
The company leverages the expertise of company co-founders Professor Vihandha Wickramasinghe, who is head of the RNA Biology and Cancer Lab at Peter MacCallum Cancer Centre, and Professor Guillaume Lessene at WEHI.
“We are thrilled to have the support of experienced local and international investors who share our vision of harnessing the vulnerability of cancers to modulation of RNA processing,” says Wickramasinghe, who is also the chief science officer of exteRNA.
“This funding will allow us to rapidly expand our research efforts and bring innovative solutions to patients suffering from diseases currently lacking effective treatments.”
RNA processing is a critical biological process that impacts gene expression and ultimately protein production, which is altered in various conditions, including several cancers of high unmet need, and neurodegenerative disorders.
By targeting pathways that modulate RNA with small molecules, exteRNA aims to target critical disease drivers to provide new therapeutic options that can significantly alter disease trajectories.
“Small molecules have shown immense potential in treating a variety of conditions including cancer, yet targeting RNA processing remains largely untapped,” says Lessene.
“We are excited to leverage our unique approach to create breakthrough therapies that can make a real difference in patients’ lives.”
IP Group Australia partner Dr Siro Perez, who is also a director of exteRNA, sees the biotech startup as a disruptor that brings together world-leading expertise in RNA processing and medicinal chemistry.
“We are looking forward to sharing exteRNA’s progress as we advance towards the clinic,” says Perez.
Dr Sharon Shacham, the chair of exteRNA and co-founder of US biotech Karyopharm Therapeutics, is confident that the company’s technology will deliver significant impact in the lives of patients.
“We are eager to further explore the potential of a unique aspect of RNA processing for the development of new therapies for patients with advanced cancers," says Shacham.
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