The clinical-stage biotech Genascence has closed a Series A financing led by Pacira BioSciences, generating $10.5 million.
The funding round included investors Polymerase Capital, DeepWork Capital and University of Florida Research Foundation.
The Palo Alto, California–based company is focused on treating musculoskeletal diseases with gene therapy.
The company plans on using the funding for continued development of GNSC-001, an adeno-associated vector with a coding sequence for interleukin-1 receptor antagonist (IL-1Ra), which inhibits interleukin-1 (IL-1) signaling.
GNSC-001 is Genascence’s lead program in osteoarthritis. Inhibiting IL-1 is an attractive target in osteoarthritis because IL-1 is involved in cartilage degeneration and inflammation.
Osteoarthritis affects approximately 13% of adults according to data from CDC.
“Osteoarthritis affects more than 30 million Americans and is the leading cause of disability and chronic pain…