Exton, PA, May 25, 2022 (PRNewswire) — Castle Creek Biosciences, Inc., a late-stage cell and gene therapy company using two lentiviral platforms to develop and commercialize therapies for genetic diseases, today announced an oversubscribed and upsized preferred stock financing of $112.8 million.
Castle Creek is a portfolio company of Paragon Biosciences, which participated in the preferred stock financing along with continued support from Fidelity Management & Research Company, Valor Equity Partners and new participation from a premier group of healthcare-focused investors.
Castle Creek Biosciences, a Paragon Biosciences portfolio company, announced upsized, oversubscribed funding of $87.7M
The financing is expected to provide sufficient capital for the company’s completion of a Phase 3 study and issuance of topline results of its lead ex vivo product candidate for recessive dystrophic epidermolysis bullosa (RDEB), a progressive, painful and debilitating rare genetic skin disorder, and positions Castle Creek to advance its in vivo work to submit an Investigational New Drug (IND) application to the U.S. Food and Drug Administration for hereditary tyrosinemia type 1 (HT1), its first indication using the in vivo gene therapy technology. Castle Creek’s dual technology platform of ex vivo and in vivo technologies is the foundation for developing novel gene therapies for a broad range of genetic diseases with limited or no treatment options.
“This important investment acknowledges the long-term strategic potential of our versatile dual technology platform and in-house manufacturing capabilities, as well as our unwavering commitment to patient communities,” said Matthew Gantz, president and chief executive officer of Castle Creek Biosciences. “Castle Creek is uniquely positioned and committed to accelerating the expansion of our cell and gene therapy pipelines for each target indication.”
“Castle Creek’s lentiviral platforms have the potential to unlock transformative gene therapies,” said Jeff Aronin, chairman of Castle Creek Biosciences. “Phase 1/2 data shows the lead ex vivo candidate corrects the genetic defect of the most burdensome RDEB wounds. Additionally, robust preclinical data suggest the initial in vivo therapy could set a precedent as a single-dose curative treatment for an inherited, metabolic liver disease.”