San Diego-based biotech company Samumed LLC announced Aug. 6 it had raised $438 million, bringing the total money it has raised to more than $650 million.
Samumed, founded in 2008 by CEO Osman Kibar, is developing medicines it says have the potential to regenerate damaged tissue. Its latest funding was raised at a pre-money valuation of $12 billion, meaning this latest investment wasn’t taken into account when estimating the company’s worth.
Its lead drug candidate is aimed at treating osteoarthritis. Samumed says the drug, currently in phase 2 clinical trials, can regenerate knee cartilage.
A molecule intended to target baldness is also in phase 2 trials.
Other drugs it is working on are aimed at treating a range of cancers; the skin disorder psoriasis; the most common form of pulmonary fibrosis; and Alzheimer’s disease.
“We are now in a fortunate position to both move our later stage programs to commercialization, as well as expand on our earlier stage science and clinical portfolio,” Kibar said.
The company didn’t disclose the participants in this latest financing round. Existing investors include Vickers Venture Partners, a Singapore-based venture capital firm that focuses on early-stage investments in Asia, and IKEA’s private venture firm.