Recombinetics, the pioneering gene editing biotech company that developed hornless cattle, closed on a $34 million Series A in August 2018. The round was backed by investors hailing from Minnesota, Wisconsin, and New York, though the identity of the investors was not made public.
Founded by Dr. Scott Fahrenkrug in 2008, Recombinetics’ single gene editing platform supports three business lines: Acceligen (precision breeding to enhance health, well-being and productivity in food animals and aquaculture); Surrogen (gene-edited swine models of human diseases for biomedical research and pre-clinical trials by pharmaceutical and medical device companies); and Regenevida (development of human regenerative products including cells, tissues, and organ products in swine models for exotransplantation to humans).
“We’re pleased to announce the successful completion of our Series A Round,” said Tammy Lee, president and CEO of Recombinetics. “This financing will allow us to accelerate commercialization of this transformative science to help find cures for human diseases, develop new regenerative medicine products and breed animals that are healthier and more productive.”
Already the holder of 22 patents, with a pipeline of 300 more that are pending, the company will also use the funding to add to its robust IP and patent portfolio, build out its business development, product marketing and management team, and to avail itself of licensing and co-development opportunities.
“The success of this capital raise reflects confidence in the vision of Recombinetics’ founders, and in the ability of the Board of Directors and management team to execute against that vision,” said Dr. Fahrenkrug, who noted that the funding also will be used for the advancement of swine pre-clinical research and so-called “oinkubators” – pigs that are used to produce therapeutic sells, tissues, and organs.
This round follows upon $7 million raised by the company in May 2017 from 10 unnamed investors. At the time, then company CEO Ian Friendly told Twin Cities Business that the company would be launching a dual-phase funding plan at the end of the year with an ultimate goal of raising $50 million.
“In total, we’re envisioning over the next 18 months to be in that $50 million range,” Friendly said at the time. “My sense is it will be an ongoing effort, kind of like painting the Golden Gate Bridge, but we’ll have an initial close with a combination of institution and strategic investors.”
-Lynda Kiernan