Seattle-based biotech startup Immusoft raised another $4.5 million and landed a $467,000 NIH grant to help further development of its drugs that treat genetic diseases.
Founded in 2009, Immusoft develops immune cell technology that uses blood cells from a patient to create therapeutic proteins targeted to treat diseases. Its lead candidate, ISP-001, treats Mucopolysaccharidosis type I, or MPS I, and has both orphan drug and rare pediatric disease designations from the FDA.
Investors in the new round include previous backers Ikarian Capital, Mesa Verde Venture Partners, and Breakout Ventures.
The 12-person company last year raised a $20 million Series B round.
Sean Ainsworth, a veteran biotech executive, leads the company as CEO. In 2018 he replaced founder Matthew Scholz. Ainsworth previously founded gene therapy company RetroSense Therapeutics, which sold to Allergan in 2016 in a deal worth up to $555 million.