Helix Therapeutics LLC, a New Haven, Conn.-based biopharmaceutical company, has landed $2.5 million in new funding from venture firm Canaan Partners and the quasi-public state funding entity Connecticut Innovations.
According to Helix officials, the new funds will be used to move forward its proprietary targeted gene modification (TGM) technology platform, which the company says can correct certain genetic mutations in blood stem cells of patients with rare genetic diseases such as sickle cell anemia, B-Thalassemia and lysosomal storage disorders.
As part of the deal, Timothy Shannon, a venture partner at Canaan, will join the Helix board of directors. He joins CI Managing Director of Investments Russell Tweeddale, who will continue to represent CI on Helix’s board
Helix’s technology was developed at, and is licensed from, the Yale University School of Medicine. It, uses patented oligonucleotides that bind to the human genome resulting in permanent gene modification.
In January, Helix took in $500,000 in seed funding from CI as part of a larger $600,000 round backed by LaunchCapital and individual backers. It was the second financing in less than a year that the company has received through CI’s Eli Whitney Fund.