Luca Science is a private biotechnology company headquartered in Japan, a global innovator in the development of a novel class of mitochondria biopharmaceutical agents, announced the closing of a ¥3.86 billion (USD 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.
Dr. Rick C. Tsai, Chief Executive Officer of LUCA Science, said:
We have assembled a world-class syndicate of investors both in Japan and internationally, who share our vision of creating a novel class of modality using mitochondria to address a range of unmet medical needs. This significant financing round will enable further investment in our CMC capabilities and help us accelerate our research and development activities to bring the possibility of mitochondria closer to patients. This marks a key moment for the company and moves us one step closer to our goal of becoming the world leader in mitochondria therapy.
Following the closing of the financing, Philippe Fauchet of 4BIO Capital, Tai Harada of Fast Track Initiative, and Shuntaro Kodama of DCI Partners will join LUCA Science’s Board of Directors.
Shuntaro Kodama, Managing Director at DCI Partners, said:
We have investigated a new approach to impact the regenerative system in dysfunctional cells which cause various diseases, and are convinced that Luca Science’s mitochondria therapy is the one and fully fits our interest. We are really excited to co-lead this financing round and work with the talented team to unlock the potential of this innovative therapy.
Tai Harada, Vice President at Fast Track Initiatives, said:
LUCA Science is at the frontier of revolutionary medicine, untangling the complex biology of mitochondria while applying scientific rigor. Fast Track Initiative is proud to continually invest in LUCA Science, this time as a lead investor, and looks forward to ongoing support. We believe LUCA’s mitochondria therapy has significant potential to bring strong benefits to many patients with limited treatment options.
Kieran Mudryy, Partner at 4BIO Capital, commented:
Representing our first investment in Japan, LUCA Science aligns with our ethos at 4BIO Capital to encourage novel treatment modalities that could become game changers in various indications of high unmet need. We are delighted that our Venture Partner Philippe Fauchet, OBE, will be joining the Board of LUCA Science. Japan continues to present a significant hub of scientific research and development from which cutting edge innovation continues to emerge and we continue to look at multiple opportunities in this exciting market.