BRIEF—Glycomine raises $33 million in Series B financing

California-based biotech Glycomine, focused on developing new therapies for rare diseases, says it has raised $33 million in a Series B financing led by Novo Holdings A/S.

Proceeds from the financing will be used to advance Glycomine's substrate replacement therapy for PMM2-CDG (CDG-1a), the most prevalent form in the spectrum of congenital diseases of glycosylation (CDG), into early stage clinical studies.

Additional support for the financing was received from new investors Asahi Kasei Pharma Corp and Mission Bay Capital as well as existing investors Sanderling and Chiesi Ventures.

"Glycomine's novel therapy offers great promise to address a critical unmet medical need," said Kenneth Harrison of Novo Ventures. "We believe that Glycomine's approach has potential to directly address many of the most debilitating symptoms of PMM2-CDG."

In connection with the financing, Peter McWilliams, currently its acting chief executive and a director, will join the company as its full time CEO.