Basking Biosciences, Inc. Completes $5.4M Seed Financing
Funding to support development of the first reversible thrombolytic therapy for acute ischemic stroke
COLUMBUS, Ohio–(BUSINESS WIRE)–Basking Biosciences, Inc. (Basking), a privately-held biopharmaceutical company developing a next generation treatment for acute ischemic stroke (AIS) announced an initial closing of a $5.4M Seed Series financing. The investor syndicate includes Rev1 Ventures, Broadview Ventures and Viva BioInnovator. Concurrent with the financing, Ryan Helon of Rev1, Thomas Needham of Broadview and Dr. Dan Meyers have joined Basking’s Board of Directors.
Basking is developing the first reversible thrombolytic therapy for acute ischemic stroke (AIS). The Company’s development candidate, DTRI-031, is an RNA aptamer that inhibits von Willebrand Factor (vWF). Basking is co-developing a matched oligonucleotide reversal agent, DTRI-025, for as-needed, rapid reversal of DTRI-031. Basking’s paired therapy has the potential to significantly expand the population of patients that receives acute thrombolytic therapy by extending the treatment window to 24 hours post stroke onset and aligns well with the urgent need in medicine for precision-based therapeutics in cardiovascular disease. The program is expected to enter into human clinical trials in Q2 2021.
Basking’s technology is based on two decades of translational research on RNA aptamers as therapeutic agents for cardiovascular diseases conducted by company founders Professor Bruce Sullenger and Dr. Shahid Nimjee at Duke University and The Ohio State University Wexner Medical Center respectively.
Tom Needham of Broadview Ventures said, “At Broadview, we focus exclusively on investing in promising technologies to better treat cardiovascular and neurovascular disease. We are extremely excited about the potential for Basking’s therapy to extend the treatment window and expand the number of patients eligible to receive acute stroke intervention.”
“We are delighted that this strong group of early investors recognize the devastating global burden of stroke, and have joined us to advance Basking’s novel stroke therapy into clinical development,” said Richard Shea, Chief Executive Officer of Basking Biosciences. “We believe that vWF, the only non-redundant mediator of platelet adhesion and aggregation, is the ideal target to effect consistent thrombolysis in AIS patients.”
About Ischemic Stroke
Over 15 million people worldwide suffer from a stroke each year. With 6 million deaths annually, stroke is the second leading cause of death worldwide after cardiovascular disease and is the leading cause of long-term disability. In the United States, ischemic stroke affects approximately 700,000 people annually and results in 140,000 deaths.
AIS patients who require urgent revascularization are undertreated with the current standard of care. The only FDA-approved pharmacologic therapy for clot thrombolysis, recombinant tissue plasminogen activator (rTPA), has a narrow treatment window that restricts its use to 3 – 4.5 hours post stroke onset. Initiating rTPA treatment beyond the 4.5-hour window also increases the risk of intracerebral hemorrhage, leading to high morbidity and mortality in stroke patients. The narrow treatment window required for safe and effective use of rTPA significantly limits its use because many AIS patients present beyond the 3 – 4.5-hour time window, and therefore are ineligible for therapy.
About Basking Biosciences
Basking Biosciences, Inc., is developing the first reversible thrombolytic therapy for Acute Ischemic Stroke (AIS). The company was founded in 2019 by Bruce Sullenger, PhD of Duke University and Shahid Nimjee, MD, PhD of The Ohio State University. Basking is focused on exploiting the properties of RNA biochemistry to develop aptamers with high affinity and specificity against proteins involved in coagulation and hemostasis. DTRI-031 is an RNA aptamer that binds to von Willebrand Factor (vWF) and has demonstrated potent vessel recanalization ability across multiple murine and canine preclinical models. DTRI-025 is a sequence specific reversal oligonucleotide that rapidly and durably neutralizes the pharmacologic effect of DTRI-031. For more information please visit www.baskingbiosciences.com.
About Rev1 Ventures
Rev1 Ventures is the startup studio that combines capital and strategic services to help startups scale and corporates innovate. Based in the Midwest, and in the number one city for scaling startups, Rev1 aligns innovators and founders with corporate and research partners to access customers and markets, helping entrepreneurs build great companies. With a proven track record of identifying, guiding, and investing in high potential startups, Rev1 helps companies solve real problems for markets in need of real solutions. Rev1 has $100MM in capital under management, providing a capital continuum from corporate and community partners, as well as the Ohio Third Frontier. Rev1 is the most active seed investor in Ohio for the past six years, according to PitchBook. For more information, visit www.rev1ventures.com.
About Broadview Ventures
Broadview Ventures’ mission is to accelerate the development of promising technology for the diagnosis and treatment of cardiovascular, metabolic, and neurovascular disease. Broadview is based in Boston, MA, with a global investment footprint. Broadview has been actively investing since 2009, with 41 portfolio companies funded to date, and notable exits including CardiAQ, Apama Medical, and Remedy Pharmaceuticals. (www.broadviewventures.org)
About Viva BioInnovator
Viva BioInnovator is Viva Biotech’s investment and incubation division. VBI is dedicated to investing globally in biotech innovation with novel solutions to unmet medical needs across multiple therapeutic areas. Leveraging Viva Biotech’s rich experience and technical advantages in the field of novel drug R&D, VBI provides both cash and in-kind services (EFS) for their investment. Additionally, based on the need, VBI also offers value-added services in operation and logistic support, BD and Financing assistance, etc. to accelerate the growth of its portfolio companies. (www.vivabioinnovator.com)
Basking Biosciences, Inc.
Rich Shea, Chief Executive Officer