DLA Piper represented Locanabio, an RNA-targeting gene therapy company focused on developing life-changing therapies for patients with severe neurodegenerative, neuromuscular and retinal diseases, in its recent US$100 million Series B financing led by Vida Ventures.
The round also included participation from new investors RA Capital Management, Invus, Acuta Capital Partners and an investment fund associated with SVB Leerink, as well as prior Locanabio investors ARCH Venture Partners, Temasek, Lightstone Ventures, UCB Ventures and GV.
The financing will advance Locanabio's portfolio of RNA-targeted gene therapies and expand the technology platform to pursue a broad range of therapeutic indications. Locanabio is currently developing therapies to treat multiple genetic diseases with no approved therapeutic alternatives, including Huntington's disease, spinocerebellar ataxia type 1, myotonic dystrophy type 1, genetic forms of amyotrophic lateral sclerosis and retinal diseases.
“We were thrilled to assist Locanabio with this financing round, which will help the company continue its efforts to advance medical options for those suffering from a number of genetic diseases,” said Randy Socol, the DLA Piper partner who led the firm’s deal team. “It has been exciting to support the company as it has matured, and starting with an incredibly talented founding team led by Gene Yeo, Ph.D., the company has added world-class talent at the management, board and investor levels. We look forward to continuing to partner with the company as they push forward their efforts to bring to market important therapies that will improve or save the lives of patients.”
“Randy and the DLA Piper team have been a trusted strategic partner throughout this process and since the early days of the company,” said Jim Burns, chief executive officer at Locanabio. “Their diligent efforts were critical in steering and shaping this significant round and we look forward to shared, continued success.”
In addition to Socol, the DLA Piper team representing Locanabio included associates Kathryn Fortin and Shehzad Huda (all of San Diego).
DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including biotech, manufacturing, communications, software and semiconductors. In 2019, the firm handled more than 697 venture capital financings totaling over US$10.3 billion. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.
DLA Piper advises on all aspects of the life sciences sector, combining subject matter experience with considerable knowledge of the scientific, medical, regulatory, commercial and enforcement environments facing biopharmaceutical, medical device, research and diagnostics clients. Recognizing that clients’ needs vary, the firm rapidly organizes and customizes client service teams, whether for a large pharmaceutical company, a mid-sized medical device client or a development-stage biotech company.