Naarden, The Netherlands, 14 October 2021 – Forbion, a leading European life sciences venture capital firm, today announces the launch of a new portfolio company Rectify Pharmaceuticals, Inc. (‘Rectify’ or ‘the Company’). Forbion joins Atlas Venture, Omega Funds, and Longwood Fund in co-leading the company’s $100 Million Series A investment round. Rectify plans to use this financing to fund the company through its first human proof-of-concept (POC) studies.
Rectify is a biotechnology company based in the global biotechnology hub of Cambridge Massachusetts, USA and is developing Positive Functional Modulators (PFMs), disease-modifying therapeutics that restore ATP-binding cassette (ABC) transporter function due to loss-of-function mutations.
ABC transporters are a 48-member family of membrane-bound proteins with etiologic loss-of-function mutations in multiple organ systems and therapeutic areas including the lungs, liver, gastrointestinal tract, eye, and central nervous system. Rectify is developing a pipeline of PFMs to restore ABC transporter function for patients with serious genetic diseases.
Marco Boorsma, Rectify Board member and General Partner at Forbion, commented: “There remains a high need for effective therapies for a significant number of patients suffering from genetic diseases related to dysfunctional membrane transporters. The team at Rectify have a unique expertise, supported by a leading investor syndicate, to be well-positioned to develop novel treatment options for a significant patient group suffering from devastating diseases.”
“We founded Rectify to deliver life-changing therapies to patients with serious genetic diseases,” said Rajesh Devraj, Ph.D., President and Chief Executive Officer Rectify and venture partner with Atlas Venture. “I am excited to lead a team of exceptional drug hunters as we build a pipeline of disease-modifying therapeutics across multiple therapeutic areas, with the financing to achieve our first human POC.”
In addition to Dr. Devraj and Dr. Moore, Rectify Pharma’s leadership team includes Tracey Dawson, Ph.D., Chief Operating Officer, Janeta Popovici-Muller, Ph.D., Senior Vice President, Head of Drug Discovery, and Alastair Garfield, Ph.D., Senior Vice President, Head of Biology.
Rectify’s Board includes successful biotechnology company builders and its scientific advisors are experienced life science innovators with extensive expertise in drug discovery, structural biology, and liver diseases.
The full Rectify Pharmaceuticals press release can be accessed on the Company’s new website here.
ENDS
For more information please contact:
Media Enquiries
Laura Asbjornsen, Head of Communications
Email: laura.asbjornsen@forbion.com
Tel: +31 (0) 35 699 30 00
Consilium Strategic Communications
Ashley Tapp, Sue Charles
Email: forbion@consilium-comms.com
Tel: +44 (0)20 3709 5700
About Forbion
Forbion is a dedicated life sciences venture capital firm with offices in The Netherlands, Germany and Singapore. Forbion invests in life sciences companies that are active in the (bio-) pharmaceutical space. Forbion manages well over EUR 1.7 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. Forbion’s current team consists of 20 life sciences investment professionals that have built an impressive performance track record since the late nineties with successful investments in over 70 companies. The firm is a signatory to the United Nations Principles for Responsible Investment. Besides financial objectives, Forbion selects investments that will positively affect the health and well-being of patients. Its investors include the EIF, through its European Recovery Programme (ERP), LfA, Dutch Venture Initiative (DVI), AMUF and EFSI facilities and KfW Capital through the Programme, “ERP – Venture Capital Fonds investments”. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.
For more information, please visit: www.forbion.com
About Rectify Pharmaceuticals, Inc. (“Rectify”)
Rectify is developing disease-modifying precision therapies that restore ABC transporter function to address the underlying cause of serious genetic diseases. The company’s pipeline spans multiple therapeutic areas. Rectify was founded, seeded, and launched by Atlas Venture and is headquartered in Cambridge, Massachusetts.
For more information, please visit www.rectifypharma.com.
Media Enquiries
Sarah Sutton/Michael Barron
Argot Partners
212-600-1902
rectify@argotpartners.com