![]() ![]() More than 19 million Americans live with chronic neuropathic pain. Cells modified with the "switch" can be activated or inactivated in a dose-dependent manner by a subsequently administered small molecule therapeutic, an effect that should only occur in the modified cells.įirst Applications of the CODA Platform: Chronic Neuropathic Pain and Focal Epilepsy With chemogenetics, the goal is to modify a target cell population using gene therapy to express a tunable "switch" protein. ![]() CODA's platform holds great promise to significantly transform how we treat challenging conditions and disorders for which new therapeutic options are greatly needed," added Tom Woiwode, Ph.D., managing director at Versant Ventures and CODA Chairman.ĬODA's chemogenetic platform aims to control the activity of neurons and other cells to treat diseases. "Since coming out of stealth mode last September, the CODA team has made tremendous progress in developing its gene therapy program that is tunable, durable and highly selective, which allows for better efficacy and safety with fewer off-target effects. This additional funding will advance our research and development program toward human clinical trials where we hope to demonstrate transformative results for patients." "We appreciate the belief in our vision from our investors and advisors, which has fueled tremendous progress over the last year. "CODA's broadly applicable platform holds great promise to provide relief to the millions of people living with intractable neurological diseases like chronic neuropathic pain and focal epilepsy, through the use of innovative techniques in gene therapy," said Michael Narachi, President and Chief Executive Officer, CODA. The new financing will help CODA advance its lead candidates in the initial core therapeutic areas of chronic neuropathic pain and focal epilepsy, and fuel further progress of the company's platform to generate leads for new programs and applications. Existing investor Versant Ventures led the financing and was joined by existing investors MPM Capital and Astellas Venture Management. 5, 2019 /PRNewswire/ - CODA Biotherapeutics, Inc., a preclinical-stage biopharmaceutical company developing a chemogenetic gene therapy platform to treat intractable neurological diseases, today announced it has closed an extension to its Series A financing round, bringing the total raised to $34 million. “These lower quality companies and programs, they’re going to be shut down,” Mike Rice, Life Sci Advisors told BioSpace when discussing the “brutal” financing environment.īioSpace has contacted CODA’s former exec team for comment but has not received a response.SOUTH SAN FRANCISCO, Calif., Nov. The immediate liquidity will keep Sorrento afloat for now. In February, Sorrento Therapeutics received interim court approval for a $75 million financing through Chapter 11 bankruptcy. In addition to staff cuts, companies are making tough financial calls to keep the doors open. That’s more than a 100% increase compared to the 10 announced in 2021. More than 35 companies have already been added to BioSpace’s Layoff Tracker for 2023.Ĭuts first started to accelerate in 2022, as 28 U.S.-headquartered public pharma and biotech companies made official downsizing announcements, according to a report shared with BioSpace from LifeSci Communications. Companies of all sizes are making cuts to make ends meet. While the reason for CODA’s shuttering has not been disclosed, biopharma is facing an era of slim funding across the board. Its initial targets focused on focal epilepsy and chronic neuropathic pain. According to her profile, Catalona moved from CODA to Capsida Biotherapeutics in February.ĬODA has been working on a novel chemogenetic gene therapy platform to treat intractable neurological diseases. Susan Catalona left her CEO role at Cognition Therapeutics after 14 years last March to take on the CSO role at CODA. CODA’s SVP of drug discovery, Steve Dodson, started at Aeovian Pharmaceuticals in November 2022. ![]() ![]() In October 2022, Keravala moved up the ladder to CSO at Genescence Corporation. While no official statement has come out, Google shows the company as “permanently closed.” CODA’s website still exists but it appears the top execs started jumping ship as early as last fall.Īccording to her LinkedIn profile, the first to go was SVP of gene therapy, Annahita Keravala. In tough market, CODA quietly shuts doorsĪs life science companies feel the burn of the current economy, one Bay Area biotech, CODA Biotherapeutics, quietly shut its doors. ![]()
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