PHILADELPHIA — Scout Bio, a biotechnology company focused on pet medicine, has closed on a $33 million funding round.
Proceeds from the financing will advance the clinical development of Scout Bio’s lead product candidates targeting diabetes, feline pain associated with osteoarthritis and CKD-associated anemia, in addition to research efforts in further indications.
The Series B2 financing round included new investors including OrbiMed and a major animal health company, along with existing Series B1 investors: Digitalis Ventures, Frazier Healthcare Partners, RiverVest Venture Partners, Greenspring Associates, Adage Capital Management and Correlation Ventures.
“We are pleased to welcome the validating support of world-class investors who share our excitement for innovation in veterinary medicine,” said Mark Heffernan, CEO of Scout Bio. “The financial commitment from our broadened investor base will enable us to further deliver on the clinical development of our programs in a number of conditions, such as diabetes and chronic pain.
“We are very excited to have recently generated meaningful clinical data in patients with CKD-associated anemia, proving that AAV gene therapy can be efficacious in client owned animals with chronic diseases. Scout Bio is on target to deliver on our platform over the next twelve months, making single-shot therapies expressing validated protein therapeutics a reality in veterinary medicine.”
Scout Bio’s therapeutics “are designed to induce long-term expression of therapeutic proteins in pet patients using AAV vector technology,” according to a press release. The company has a research and development collaboration with the University of Pennsylvania’s Gene Therapy Program, a leader in the field of genetic medicine research. Scout Bio is a private company headquartered in Philadelphia.