BOSTON, MASSACHUSETTS — Biotech startup, Decibel Therapeutics, announced that it has raised $55M in a Series C financing round. According to the announcement, all the existing investors–Third rock Ventures, GV, SR One and Regeneron Pharmaceuticals–participated in the financing round and were joined alongside new investors: Foresite Capital, Bessemer Trust, Schroder Adveq, SCubed Capital, Longevity, and other “undisclosed institutional investors”.
Decibel, which was founded by a group of experts on inner ear biology and hearing disorders, has a broad mission to develop therapies that can “Protect, Repair, & Restore Hearing”.
The company says the proceeds from the latest financing round will be used to advance its clinical and preclinical product candidates as well as to “build out its comprehensive hearing drug discovery and development platform and capabilities”.
“We are gratified by the support of our existing investors and delighted to be joined by a group of distinguished new investment partners who share our vision of building the world’s leading hearing therapeutics company. Our new partners have track records of long-term commitments to building great companies, including following their private investments with meaningful participation in subsequent public financings.”
–Steven Holtzman, President and CEO of Decibel Therapuetics
In addition to the financing round, Dr. Anthony Philippakis, Venture Partner at GV (formerly Google Ventures), has joined the company’s board of directors and George Scangos, CEO of Vir Biotechnology, has assumed the role of Chair of the board.
Source: Decibel Therapeutics
What is the track accomplishment of this company with regards to biologic repair of the impaired cochlea. I hope this is not just a novel way of scamming public money since there has been no progress with pharmacologic treatments of the cochlea and the stria vascularis. We need more explanations please!