A biotech developing a reversible treatment for stroke that could be used hours later than the current therapies has raised $55 million toward testing its effectiveness in patients.
Basking Biosciences Inc. is developing two complementary biopharmaceuticals: The first is a type of RNA that acts like an antibody, targeting a protein essential to forming blood clots to reopen clogged vessels in a stroke. The second is a short RNA strand that reverses the effect of the treatment in case there's excessive bleeding.
Arch Venture Partners led the round, joined by other new investors Insight Partners, Platanus, Solas BioVentures and RTW Investments. Repeat investors are Longview Ventures, Rev1 Ventures' Catalyst Fund and Ohio State, which invested through the Carmen Innovations fund, an affiliate of the university's innovation foundation. OSU also owns equity through its licensing agreement.
"We are eager to advance our innovative pipeline and improve patient outcomes,” CEO Richard Shea said in a news release.
Basking Biosciences was founded in 2019 by an Ohio State University neurosurgeon and Duke University surgical researcher, with offices in both Columbus and Research Triangle Park.
Last year no serious side effects were reported in a study of the clot-busting treatment in healthy volunteers.
The funding will initiate this year's trial to test its effectiveness in patients with acute ischemic stroke. At the same time, it will start the initial safety studies for the neutralizing companion drug.
Today only 5% to 17% of stroke patients can be treated with the existing therapies, a drug that's only effective in the first four hours and a device to clear clots that only can reach very large blood vessels, according to Basking's website. The startup's therapy has a longer time window and could expand eligibility to half of patients with stroke.
“BB-031 (the clot-buster) is designed to be safer and more effective than available treatments and to effectively resolve thrombosis beyond the limited therapeutic window of the currently available (drug),” Dr Shahid Nimjee, Ohio State neurosurgeon and Basking's co-founder and chief medical officer, said in the release.
Nimjee is also surgical director of the Comprehensive Stroke Center at The Ohio State University Wexner Medical Center.
Co-founder Bruce Sullenger for two decades at Duke has researched the therapeutic applications for cardiovascular disease of the RNA strands called aptamers, according to the release. He's director of the Duke Center for Translational Research.
"Basking Biosciences is taking advantage of one of the most exciting facets of RNA biochemistry, the ability to generate rapid onset drugs that can be rapidly controlled with reversal agents," Sullenger said in a 2020 news release, when the startup raised $5.4 million from investors including Rev1, the Triangle Business Journal reported then.
"Nature uses RNAs as molecular switches to control many biological processes, and now we are learning how to create RNA aptamer drugs that can be rapidly regulated as well to provide physicians tight control over patient physiology," the statement said.
The startup declined an interview request.
Basking had first indicated it was raising funds through an SEC filing in November.
“Rev1 was an early investor in Basking, ... and we are especially proud to support the company with follow-on investment in collaboration with partners like Arch Venture Partners who understand and invest in life sciences innovators," said a statement from Ryan Helon, Rev1's executive vice president of investment funds.
Arch Venture Partners also formed and invested in a New York City startup that acquired a Nationwide Children's Hospital spinoff making software to help match patients to clinical trials.
Steven Gillis, Arch managing director in its Seattle office, joins the startup's board as chairman.
