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

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.

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 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.

As part of the financing, Brian Kotzin, M.D., senior vice president and chief medical officer at Nektar Therapeutics, and UF Innovate’s Jackson Streeter, M.D., partner, DeepWork Capital and director, University of Florida Ventures, join Genascence’s board of directors. Dr. Chalberg was elected chairman of the board.

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