Toronto-based biotechnology company Specific Biologics has closed an oversubscribed US$35 million Series A funding round led by Hatteras Venture Partners. The financing included participation from existing investors Lumira Ventures and adMare BioInnovations, alongside new investors Genesys Capital, the Business Development Bank of Canada’s (BDC) Life Sciences Venture Fund, DeepWork Capital and Seido Capital.
Founded in 2017 and co-founded by CEO Brent Stead, Specific Biologics develops precision gene-editing therapies targeting serious genetic diseases. Its technology originated from research at Western University in Canada and focuses on correcting disease-causing genetic abnormalities.
The company will use the Series A proceeds to advance its lead Dualase therapeutic candidate toward initial clinical biomarker proof-of-concept in the first cohort of an adaptive Phase I/II clinical trial involving patients with C9ORF72-associated amyotrophic lateral sclerosis (ALS).
ALS is a progressive neurodegenerative disease that affects nerve cells responsible for voluntary muscle movement. Abnormal DNA repeat expansions in the C9ORF72 gene are a major inherited genetic cause of ALS and are also associated with frontotemporal dementia.
Specific Biologics’ proprietary Dualase platform uses a two-site gene-editing mechanism designed to remove disease-causing DNA repeat expansions while preserving normal DNA sequences. The platform supports targeted DNA removal and repair and can be delivered using a single adeno-associated virus (AAV) vector or lipid nanoparticle-delivered mRNA.
According to the company, preclinical studies using patient-derived ALS cell models and disease-relevant animal models have demonstrated reductions in pathogenic C9ORF72 repeat expansions. These findings remain preclinical and do not establish therapeutic efficacy in patients.
Specific Biologics previously closed a seed financing round in December 2021 led by Lumira Ventures and adMare BioInnovations. That investment supported the development of its Dualase gene-editing platform and therapeutic pipeline.
The latest financing will support the company’s efforts to move its lead ALS programme toward clinical evaluation while continuing to develop its precision gene-editing technology for genetic disorders.
