Ascidian Therapeutics Raises $40 Million in Series A Extension Financing from Apple Tree Partners and Appoints Michael Ehlers as Interim CEO
BOSTON, Nov. 8, 2023 /PRNewswire/ -- Ascidian Therapeutics, a biotechnology company focused on treating human diseases by rewriting RNA, today announced $40 million in Series A extension funding committed by Apple Tree Partners (ATP). The funds will be used to advance Ascidian's lead program, an RNA exon editor to halt the progression of Stargardt disease or other ABCA4 retinopathies, and additional programs in the company's pipeline. The company also announced that its founding CEO Michael Ehlers, M.D., Ph.D., will return as interim President and Chief Executive Officer, effective immediately. Dr. Ehlers, who also chairs Ascidian's Board of Directors and serves as Chief Scientific Officer at ATP as well as a venture partner at the firm, succeeds Romesh Subramanian, Ph.D., who is departing Ascidian.
- The company also announced that its founding CEO Michael Ehlers, M.D., Ph.D., will return as interim President and Chief Executive Officer, effective immediately.
- Dr. Ehlers, who also chairs Ascidian's Board of Directors and serves as Chief Scientific Officer at ATP as well as a venture partner at the firm, succeeds Romesh Subramanian, Ph.D., who is departing Ascidian.
- Today's announced financing follows ATP's initial $50 million Series A investment in Ascidian announced in October 2022.
- Beyond its lead program, Ascidian is advancing programs with first-in-class potential in neurological and neuromuscular disorders.