California-based aTyr Pharma said it closed US $49 million in equity financing, which will be used to finance clinical trials to address rare autoimmune diseases.
John Mendlein, CEO of aTyr Pharma, said the new investors along with their existing ones have recognized the potential of their research and early work. The company is pushing a product based on Physiocrines, described as a "new class of proteins" that can treat many disorders related to the immune system.
The therapeutic principle hinges on the product being able to intervene and to allow the body to heal itself like never before. "Physiocrines evolved to naturally balance the immune system to resolve inflammation rather than being a designed inhibitor of pro-inflammatory pathways," he said.
In this regard, aTyr Pharma is pursuing a therapeutic profile on their drugs that promises to have lesser side effects compared to most anti-inflammatory drugs.
The funding round is led by a new investor who was not identified, along with existing investors such as Cardinal Partners, Polaris Partners, Alta Partners and Domain Associates.
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