Spark Therapeutics, in one of the largest local life sciences venture capital deals in the past year, raised $72.8 million in a private stock sale.
The gene therapy company spun out of Children’s Hospital of Philadelphia plans to use the proceeds to advance — and launch, if regulatory approval is secured — its lead product candidate. Spark is in late-stage clinical testing of a treatment for a rare and inherited form of blindness that affects children.
The money will also be used for the company’s other experimental gene therapy program, including a hemophilia B treatment, and to support its growth over the next three years.
“The funding will support the expansion of our team and ongoing development of our pipeline as we build the infrastructure needed for a first-in-class, FDA-approved gene therapy,” said Jeffrey D. Marrazzo, co-founder and CEO of Spark Therapeutics. Read more about this story on PBJ.com