Oisín Biotechnologies (Oisín), a privately held biotechnology company focused on mitigating the effects of age-related diseases, announced the first close in a $15 million Series A financing round. AbbVie Ventures led the first close, and in conjunction with its investment, will join the Oisín Board of Directors and Scientific Advisory Board.
Oisín will use proceeds from the Series A financing to advance its pipeline of therapies for age-related diseases toward clinical development. Ongoing programs include candidates to eliminate unwanted fat cells and build muscle mass to address frailty. The company’s novel genetic medicine platform uses the Fusogenix Proteo-lipid Vehicle (PLV) delivery system developed by Entos Pharmaceuticals.
“This first close of our Series A financing round is an important step as we advance our pipeline toward clinical trials,” said Matthew Scholz, Chief Executive Officer of Oisín Biotechnologies. “We couldn’t be happier to have AbbVie Ventures as our lead investor. Their deep drug development and commercialization expertise will bring significant value beyond the financing.”
“The appetite for therapies that can address age-related diseases has really grown, and the overwhelming popularity of GLP-1 agonists such as semaglutide and tirzepatide is spurring demand for treatments to mitigate muscle loss that frequently comes with them. This is huge potential market for our muscle building therapy that didn’t exist a few years ago. With our focus on age-related disease and a promising platform, we believe Oisín is uniquely positioned to bring a new generation of therapies to the clinic.”
Danjuma Quarless, Ph.D., Associate Director, AbbVie Ventures will join Oisín’s Board of Directors. Darin Messina, Ph.D., Senior Vice President, Aesthetics R&D, AbbVie, will join Oisín’s Scientific Advisory Board.
SOURCE: Businesswire