Portfolio company Myonexus Therapeutics has entered into an exclusive partnership with Sarepta Therapeutics, Inc. (NASDAQ:SRPT) to advance its pioneering gene therapy programs aimed at treating limb girdle muscular dystrophies (LGMDs). As announced by Sarepta, in a May 3 release, the agreement includes an upfront payment, development-related milestone payments and an option to purchase Myonexus.
Myonexus, a clinical stage gene therapy company spun out of Nationwide Children’s Hospital in Columbus, is a relatively new company in our portfolio. CincyTech participated in its seed financing in Columbus, in November of 2017.
“Myonexus is another example of the life-changing research that happens throughout Ohio. We appreciate the collaboration with Nationwide Children’s, our co-investors, and management that led to this important milestone,” said Mike Venerable, CEO of CincyTech.
Limb girdle muscular dystrophies are debilitating genetic diseases that cause weakness and wasting, beginning in the muscles around the hips and shoulders, before progressing to muscles in the arms and legs. There are currently no approved treatments. Myonexus Therapeutics is developing five first-ever corrective gene therapies for LGMDs, with lead candidate MYO-101 poised to begin a systemic Phase 1/2a trial later this year.
“This is an excellent outcome for the company and for patients and families affected by these rare and challenging diseases. The partnership with Sarepta will advance this promising pipeline of gene therapies by funding their development,” said John Rice, PhD, CincyTech Director of Life Sciences and Chairman of Myonexus Therapeutics.
“Sarepta shares our commitment to bringing our novel LGMD gene therapy candidates to market and treating these devastating diseases,” said Michael Triplett, PhD, president and CEO of Myonexus. “This relationship was made possible by the world-class research at Nationwide Children’s Hospital, the strong backing from the global patient foundation community, and the availability of early stage capital from regional investors, including CincyTech, an established and recognized seed stage investor in life science ventures.”