Rectify Pharmaceuticals, a biotechnology company developing Positive Functional Modulators (PFMs), disease-modifying therapeutics that restore ABC transporter function, today announced it has closed a $100 million Series A financing co-led by Atlas Venture, Omega Funds, Forbion, and Longwood Fund. Rectify plans to use this financing to fund the company through its first human proof-of-concept (POC) studies.
ABC transporters are a 48-member family of membrane-bound proteins with etiologic loss-of-function mutations in multiple organ systems and therapeutic areas including the lungs, liver, gastrointestinal tract, eye, and central nervous system. Rectify is developing a pipeline of PFMs to restore ABC transporter function for patients with serious genetic diseases.
“We founded Rectify to deliver life-changing therapies to patients with serious genetic diseases,” said Rajesh Devraj, Ph.D., President and Chief Executive Officer and venture partner with Atlas Venture. “I am excited to lead a team of exceptional drug hunters as we build a pipeline of disease-modifying therapeutics across multiple therapeutic areas, with the financing to achieve our first human POC.”
Jonathan Moore, Ph.D., Chief Scientific Officer, founded Rectify Pharmaceuticals with Atlas Venture in 2020. Previously, Dr. Moore was a founding scientist at Vertex Pharmaceuticals Incorporated, where he pioneered efforts to treat people with cystic fibrosis by developing precision therapies targeting CFTR, a member of the ABC transporter family. “Outside of CFTR, there are currently no approved therapies that restore ABC transporter function, addressing the underlying cause of disease. Rectify is expanding the application of this proven approach to provide disease-modifying therapies for people living with serious genetic diseases caused by loss-of-function mutations,” said Dr. Moore.
“Rectify’s Positive Functional Modulators have the potential to change the lives of patients with diseases caused by mutations in ABC transporters. We are gratified to have had the opportunity to found and seed the company with Jon and to be working with the fantastic people there,” said Jason Rhodes, partner at Atlas Venture, previously founding Chief Executive Officer of Rectify and now Executive Chair of Rectify’s Board of Directors.
“We are delighted to have co-led this financing alongside this strong group of experienced investors,” said Otello Stampacchia, Ph.D., Founder and Managing Partner, Omega Funds. “The seasoned management team at Rectify leaves us feeling confident in the future growth of this promising company, and we look forward to supporting them on their mission to deliver life-changing therapies for patients with rare genetic diseases.”