Genascence Announces First Close in Series A Financing led by Pacira BioSciences and Expands Board of Directors and Scientific Advisory Board

Proceeds will be used to advance clinical program of GNSC-001, company's lead candidate in osteoarthritis (OA)

Brian Kotzin, M.D., and Jackson Streeter, M.D., join Genascence's board of directors

Company expands Scientific Advisory Board of internationally recognized leaders in musculoskeletal diseases and medicine, gene therapy, molecular physiology, and molecular biology

Additional data from Phase 1 clinical trial of GNSC-001 in OA to be presented at upcoming American Society of Gene & Cell Therapy annual meeting

PALO ALTO, Calif., May 10, 2022 /PRNewswire/ -- Genascence Corporation ("Genascence"), a clinical-stage biotechnology company revolutionizing the treatment of prevalent musculoskeletal diseases with gene therapy, today announced it has completed the first closing in a Series A financing led by Pacira BioSciences, Inc., totaling $10.5 million. Additional investors included Polymerase Capital, DeepWork Capital, and University of Florida Research Foundation.
Genascence Announces First Close in Series A Financing led by Pacira BioSciences and Expands Board of Directors and Scientific Advisory Board
Proceeds of the financing will be used to accelerate clinical development of GNSC-001, the company's lead program in osteoarthritis (OA). GNSC-001 is a genetic medicine a?? a recombinant adeno-associated vector (AAV) carrying a coding sequence for interleukin-1 receptor antagonist (IL-1Ra), a potent inhibitor of interleukin-1 (IL-1) signaling. IL-1 is considered one of the key mediators involved in the pathogenesis of OA, causing inflammation as well as cartilage destruction. GNSC-001 is designed to offer long-term, sustained inhibition of IL-1 following a single injection into the affected joint."We are thrilled to have support from this outstanding syndicate led by Pacira BioSciences, one of the world's leading non-opioid pain management companies," said Thomas Chalberg, Ph.D., founder and CEO of Genascence. "Osteoarthritis affects more than 30 million Americans and is the leading cause of disability and chronic pain, as well as a significant risk factor for opioid addiction. Patients have limited treatment options, and nothing is currently available that is able to slow down progression of this disabling disease. This financing will position us to progress the GNSC-001 program and build out our pipeline. I look forward to working with our tremendous co-founders and board of directors, world-renowned scientific advisory board, and leadership team to advance our pipeline so that we can deliver transformative results for patients suffering from musculoskeletal conditions like OA as quickly as possible.""We are extremely excited to back the Genascence team and their groundbreaking gene therapy candidate as they take on osteoarthritis, one of the largest problems in all of medicine and the leading cause of disability and chronic pain," said Ron Ellis, DO, senior vice president of business development, Pacira Biosciences. "We believe Genascence could transform the treatment paradigm for prevalent musculoskeletal diseases like OA and help the many patients around the world who are most in need."
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