OH-based Basking Biosciences Secures $55Million in Funding. New investor ARCH Venture Partners led the round, with participation from additional new investors Insight Partners, Platanus, Solas BioVentures and RTW Investments.
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As well as existing investors Longview Ventures, Rev1 Ventures and The Ohio State University. Steven Gillis, Ph.D., Managing Director of ARCH Venture Partners will serve as Chairman of Basking’s Board of Directors.
Richard Shea, Chief Executive Officer of Basking said ,“With the support and funding from our outstanding syndicate of life science investors, alongside the deep expertise of our Scientific and Clinical Advisory Board, we are eager to advance our innovative pipeline and improve patient outcomes,”.
Basking will utilize the proceeds to accelerate clinical development of BB-031, a first-in-class, reversible RNA aptamer targeting von Willebrand Factor (vWF), engineered for rapid onset and short duration of effect.
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In 2023, the company announced positive Phase 1 results demonstrating the safety and tolerability of BB-031 with no serious adverse events reported, and dose-dependent inhibition of vWF. Basking will initiate a Phase 2 proof-of-concept trial, the RAISE trial, in patients with acute ischemic stroke (AIS) in 2024.
Michael Hill, M.D., Professor for the Departments of Clinical Neurosciences, Community Health Sciences, Medicine and Radiology at the University of Calgary and Foothills Medical Centre said, “Many ischemic stroke patients have no acute therapeutic option available and there is an ongoing need for innovative new approaches to expand treatment success,” “We look forward to evaluating BB-031’s potential to improve outcomes in the RAISE study.”
Basking’s development program is based on two decades of translational research on RNA aptamers as therapeutic agents for cardiovascular diseases in the lab of Dr. Bruce Sullenger, Ph.D., co-founder and scientific advisor of Basking, a Joseph W. And Dorothy W. Beard Distinguished Professor of Experimental Surgery, and the Director of the Duke Center for Translational Research.
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About Basking Biosciences
Basking Biosciences, a clinical-stage biopharmaceutical company, was founded to solve the biggest need in acute thrombosis – for a rapid-onset, short-acting thrombolytic drug capable of reopening blocked arteries, and whose activity can be quickly reversed in the event of a bleeding complication.
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