A Vancouver-based RNA medicines company has emerged from stealth with $150 million in financing from investors Versant Ventures and Novartis.
Many forms of prevalent kidney disease remain unaddressed, and this is the area where Borealis Biosciences operates.
Borealis was founded on the premise that a convergence of scientific and translational breakthroughs can enable RNA therapeutics to address major unmet needs for patients with kidney diseases, according to a statement from the firm, including an improved understanding of patient stratification and genetically defined targets.
The company builds upon Chinook Therapeutics, which Versant founded in 2019 before Novartis acquired it last year. The Borealis team is being led “key members” integral to research at Chinook, says Jerel Davis, a managing director at Versant who will also serve as chairman of the startup’s board.
“We’ve recognized over the last six years that some of the most validated targets for kidney disease have been out of reach with traditional modalities,” says Davis. “Borealis has the potential to address these targets and reach patients most in need.”
Borealis’ initial 25-person team has worked at the forefront of kidney research and RNA therapeutics for more than a decade, cultivating “an ideal environment for an exceptional founding team to continue to pioneer renal science and drug discovery,” according to Fiona Marshall, who functions at president of biomedical research at Novartis.
“Novartis is committed to bringing forward new therapeutic options for patients with kidney diseases,” stated Marshall. “We are delighted to work with Versant on a partnership that exemplifies creative, collaborative deal-making to enable the launch of this innovative biotech.”
Borealis’ research site is based in Vancouver at the 23,000-square-foot operating site formerly leased by Chinook.
Versant was founded in 1999.
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