Sana secures $700m

Sana Biotechnology, a US-based developer of stem cell medicines based on research at multiple universities, closed its inaugural funding round at $700m on Tuesday with commitments from investors including conglomerate Alphabet.
F-Prime Capital, a unit of financial services group Fidelity, also took part in the round, as did Arch Venture Partners, Flagship Pioneering, Canada Pension Plan Investment Board, Baillie Gifford, Alaska Permanent Fund and the Public Sector Pension Investment Board.
Bezos Expeditions, Omega Funds, Altitude Life Science Ventures and several undisclosed institutional investors filled out the investor line-up. Alphabet took part through early-stage corporate venturing subsidiary GV.
The round was raised over multiple tranches, with F-Prime Capital, Arch Venture Partners and Flagship Pioneering having already been revealed as investors at Sana’s launch in January 2019.
Sana Biotechnology is working on technology to repair and control genes in cells and to replace missing or damaged cells to tackle underlying causes of serious diseases ranging from cancer and central nervous conditions to heart disease and several genetic disorders.
The funding has been allocated to advancing the company’s core platforms, including gene delivery, immunology, stem cell biology and gene modification and control. The cash will also drive the development of additional technologies.
Furthermore, the money will enable Sana to move several assets towards investigational new drug applications and into initial clinical trials, as well as to expand manufacturing capabilities.
Sana’s scientific co-founders hail from a range of institutions, including Harvard University’s Medical School, University of Washington’s School of Medicine and University of California, San Francisco.
The academic researchers collaborated with a scientific team at Flagship Labs, a unit of incubator Flagship Pioneering.