Japan-based startup LUCA Science, a global innovator in the development of a novel class of mitochondria biopharmaceutical agents, has announced the closing of a ¥3.86 billion ($30.3 million) oversubscribed Series B financing.
The round was co-led by DCI Partners, 4BIO Capital and existing investor Fast Track Initiative and supported by an international syndicate of existing investors including Remiges Ventures and Nippon Venture Capital Co, and new investors including Nissay Capital, Asahi Kasei Pharma, QB Capital/NCB Venture Capital and SMBC Venture Capital.
LUCA Science is pioneering a new class of mitochondrial therapy to restore cellular bioenergetics in dysfunctional or damaged tissues and organs. The funds from this round will be used to accelerate the research and development of the company's proprietary pipeline toward IND submission.
In addition, LUCA Science is rapidly advancing its existing pipeline with a view to target additional therapeutic areas in collaboration with leading academic and industry partners.
Proceeds from the financing will also be used to establish a robust manufacturing system based on its proprietary Mitochondrial Isolation Technology (MIT) platform, a novel method for intact, shelf-stable and highly functional isolated mitochondria as a quality-controlled biopharmaceutical agent.
