April 25, 2018

Farmington biotech notches $37M in funding

PHOTO | Contributed
PHOTO | Contributed
Jeffrey Fryer, CPA, Martin Mackay, Ph.D., and Stephen Uden, MD (left to right) co-founded Rallybio, a biotech company established to identify and accelerate the development of transformative breakthrough therapies for patients with severe and rare disorders.

A Farmington-based biotechnology company on Wednesday said it secured $37 million in funding from myriad northeast investment firms.

Rallybio LLC, which identifies and accelerates the development of therapies for patients suffering from rare disorders, raised the money from Westport-based Canaan Partners, Boston's 5AM Ventures and New York-based New Leaf Venture Partners.

Rocky Hill's Connecticut Innovations, a quasi-public agency, also provided funding, the company said.

Co-founded in January by a trio of leaders from the biopharma industry, the company said it plans to test drugs with antibodies, small molecules and engineered proteins to develop breakthrough therapies for patients.

The co-founders include Martin Mackay, Dr. Stephen Uden, and certified public accountant Jeffrey Fryer.

Timothy Shannon, a general partner of Canaan, said the firm is excited to support the launch of Rallybio under the "expert scientific and business leadership" of the founders given their prior successes in translational and clinical programs evaluating rare diseases.

Mackay, who has more than 30 years experience in drug discovery and development, said millions of patients suffer from rare diseases without treatment options. The investors' support in Rallybio allows the team to proceed with an " urgency to identify and advance therapeutic candidates this year."

Headquartered in Farmington, the company is located at the University of Connecticut's Technology Incubation Program at 400 Farmington Ave.

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