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Groove Biopharma closes $6 million Series B financing round

Monday, December 12, 2011 11:41 AM

Groove Biopharma has raised $6 million in a Series B financing. Participating in the financing was Alexandria Venture Investments, ARCH Venture Partners, OVP Venture Partners, Versant Ventures, and WRF Capital. Proceeds from the financing will be used to bring forward development of Groove’s proprietary MGB-based miRNA delivery platform. The company has also promoted David L. McElligott, Ph.D. to chief scientific officer.

“We continue to be impressed by both the quality and quantity of data generated by the team at Groove since its founding in 2008,” stated Chad Waite, managing director at OVP Venture Partners. “We believe that the technologies being developed at Groove represents potentially game changing advancements in the field of miRNA delivery as well as other oligonucleotide-based therapeutics. David McElligott has recruited and led a strong team of dedicated and efficient professional scientists over the past three years and this promotion to chief scientific officer is well deserved,” added Waite.

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