Scripps Florida is spinning off a company, Expansion Therapeutics, which on Wednesday announced it has raised $55.3 million in financing.
The spin-off is the largest for the Jupiter, Fla.-based research institute since its founding in 2004, spokeswoman Stacey Singer DeLoye said.
The company, which is developing drugs that target muscular dystrophy and other diseases, will operate in Jupiter and in San Diego, where Scripps is headquartered. The business will initially employ eight people, Scripps said.
Proceeds from the investment round will be used to focus on 30 genetic diseases, according to Scripps.
Expansion Therapeutics' technology is based on work from the lab of Matthew Disney, a Scripps Florida scientist. Disney, a chemist, was winner of the National Institutes of Health's Pioneer Award in 2016.
The financing is co-led by 5AM Ventures, Kleiner Perkins, Novartis Venture Fund and Sanofi Ventures, with participation from RA Capital Management and Alexandria Venture Investments.
Scott Rocklage, managing partner of 5AM Ventures and chairman of Expansion Therapeutics' board, said the company has the leadership and plan "to develop medicines for patients with few treatment options."
Kevin Forest, who formerly was chief operating officer for San Diego-based Cidara Therapeutics, has been named president and CEO of Expansion Therapeutics.
