Amidst industry layoffs and recession rumors, ReNAgade Therapeutics has entered the market with the largest Series A funding round of 2023 with $300 million in financial backing.
The Massachusetts-based biotech was established in 2021, with a mission to “overcome the limitations of RNA medicines” by applying its proprietary 'deliver, code, edit and insert' technologies. Founded by biotech investment firm MPM BioImpact, ReNAgade has developed an ‘all-RNA system,’ that combines its proprietary delivery technologies, such as novel lipid nanoparticles, with a wide range of coding, editing, and gene insertion tools.
ReNAgade says it aims to deliver RNA medicines to previously inaccessible tissues and cells, expanding the potential market for addressing various diseases. The company has established a joint venture with Orna Therapeutics, integrating ReNAgade's delivery platform with Orna's circular RNA technology. As a result, Orna has also entered into a collaboration with Merck, incorporating technologies developed through the Orna/ReNAgade joint venture.
The financing rounds were led by MPM BioImpct and F2 Ventures. ReNAgade is led by chief executive officer Amit D. Munshi, industry expert with more than 30 years of experience leading biotech companies and was most recently the CEO of Arena Pharmaceuticals, which was acquired by Pfizer in 2021 for $6.7 billion.
Munshi leads the company alongside Pete Smith, formerly of Alnylam and Moderna, who joins MPM BioImpact as chief scientific officer. Ciaran Lawlor also joins, previously at Moderna and Boston Consulting Group, serving as chief operating officer, and Brian Shuster, with experience at Bristol Myers Squibb, Johnson & Johnson and JPMorgan, taking on the role of chief business office.
