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Duane Morris Assists Nucleonics to Raise $50 Million in Two Rounds of Funding
Shay advises one of the leading developers of RNA interference-based therapeutics in its latest financing round
The breakthrough discovery of RNA interference has opened a new world of possibilities for finding cures for numerous diseases. By silencing the expression of genes affected by viruses, RNA interference can effectively switch off a wide range of diseases. Using a proprietary method of this technology, Nucleonics is researching and developing new therapeutics for diseases caused by the Hepatitis B and the Hepatitis C viruses.
Founded in 2001, Nucleonics has demonstrated remarkable success with its RNA interference work and is moving closer to bringing viable therapeutics to market. But as an emerging company in the extremely active biotechnology industry, Nucleonics faces tremendous challenges of securing funding needed for research and company development and forging the strategic licensing transactions and other important alliances needed for the company's growth in the marketplace.
When Nucleonics began its second round of financing, Kate Shay of Duane Morris' Corporate Practice Group helped the startup with this critical effort. As Nucleonic's counsel from its inception, Kate Shay previously represented Nucleonics in all of its licensing transactions and in forming key alliances. With an in-depth understanding of Nucleonics' business needs, and as a frequent speaker in the growing biotechnology sector, Shay also recognized the particular challenges of the industry and the importance of finding the right investors for a young company's future success. Through Duane Morris' legal services and advice, Nucleonics successfully raised $50 million in Series B venture capital from a group of investors led by New Enterprise Associates and HealthCap, including a Philadelphia-area fund, Quaker BioVentures. Nucleonics expects to use this funding to further develop its leading product and expand its research into possible cures for other virus-related diseases such as HIV.
"Duane Morris understands the needs of early stage biotechnology companies and has the experienced advisors we rely on in order to build our emerging company." - Robert J. Towarnicki, CEO, Nucleonics