Carmel-based MBX Biosciences has closed on a nearly $35 million Series A round of funding. The drug discovery company, which focuses on rare endocrine diseases, says it will use the funding to advance its pre-clinical pipeline of peptide therapeutic drug candidates.
The round was led by Seattle-based Frazier Healthcare Partners, with participation from OrbiMed in New York, New Enterprise Associates in California, the Indiana University Philanthropic Venture Fund, the Indiana Seed Fund III and Twilight Venture Partners II.
“With the support of these leading life science investors, we are equipped to advance our drug candidates toward clinical investigation in underserved disease areas,” said Kent Hawryluk, president and chief executive officer of MBX. “We are excited to assemble a team with a proven track record in discovering and developing novel drugs to address unmet medical needs.”
As a result of the funding round, MBX has added Frazier managing partner Patrick Heron, OrbiMed managing partner Carl Gordon, and New Enterprise Associates general partner Ed Mathers to its board of directors.
The funding round comes less than a year after MBX secured $2.5 million in initial funding, which included a $500,000 investment from the IU Philanthropic Venture Fund.