Nguyen Thi Bich Ngoc/ January 8, 2019
US-based Frequency Therapeutics, a clinical-stage biotechnology company creating small molecule drugs, has completed raising $42 million in its Series B funding round led by Taiwania Capital Management and Axil Capital. The financing, also backed by new investors Yonjin Capital and DF Investments, and existing investors Polaris Founders Capital, Alexandria Venture Investments, CoBro Ventures, Korea Investment Partners and Emigrant Capital, has brought the total investment into the company to $87 million. As part of the deal, Alexandria Venture Investments founder and chairman Joel Marcus and Taiwania Capital managing partner Michael Huang have joined Frequency’s board of directors. In addition, Fred Shane, a partner with Axil Capital, and Daguang Wang, managing director of Yonjin Capital, have joined the board as observers. Taiwania Capital is a Taiwan and US-based venture capital firm with two funds totalling $350 million investing in biotechnology and ICT. Meanwhile, Axil Capital is a healthcare-focused venture fund spun out of Mizuho Securities. Frequency said it will use the latest investment to advance its clinical candidate, FX-322, for hearing regeneration. Top-line results from an ongoing study are expected in the first half of 2019, it added. The financing will also support the continued expansion of Frequency’s pipeline with new therapeutic applications from the company’s PCA (Progenitor Cell Activation) Regeneration platform. “Our team is highly motivated to make a positive impact for the hundreds of millions of men and women worldwide who experience sensorineural hearing loss. This significant financial support from a strong global syndicate as well as our existing investors allows us to advance our lead hearing program into Phase 2 studies in 2019,” said David Lucchino, president and CEO of Frequency.