Atsena Closes $150 Million Series C to Advance Gene Therapies for Blindness

Atsena Therapeutics has closed an oversubscribed $150 million Series C financing round to further the development of its gene therapy programs that target inherited retinal diseases.

Atsena Therapeutics is a biotech company developing gene therapies to treat inherited eye diseases that cause vision loss. Its main treatments are ATSN-101, for Leber Congenital Amaurosis type 1 (LCA1), and ATSN-201, for X-linked retinoschisis (XLRS).

These therapies use adeno-associated virus (AAV) vectors to deliver corrected genes to cells in the retina. AAV vectors are tiny, harmless viruses that scientists use to deliver genes into human cells. They’re called “vectors” because they carry corrected or helpful genes to the part of the body that needs treatment. AAVs don’t cause disease and are often used in gene therapy to fix or replace faulty genes, especially in conditions like inherited blindness.

Atsena is also working on AAV.SPR, a special capsid technology that helps improve how genes are delivered to the eye. This capsid is a specially engineered viral shell used to deliver gene therapies more effectively to cells in the retina, helping improve treatment outcomes for inherited eye diseases. The company’s products are used by healthcare providers treating patients with rare retinal diseases.

Atsena has received multiple regulatory designations from the U.S. Food and Drug Administration, including Rare Pediatric Disease, Orphan Drug, Fast Track, and Regenerative Medicine Advanced Therapy statuses for its two lead programs, ATSN-101 and ATSN-201. The company is headquartered in Durham, North Carolina, and was founded in 2020 by two ocular gene therapy researchers, Shannon Boye, PhD, and Steven Boye, PhD.

Leading this Series C round was new investor Bain Capital, through its life sciences group, with participation from all existing investors including Wellington Management, Lightstone Ventures, Sofinnova Investments, Abingworth, Foundation Fighting Blindness, Hatteras Venture Partners, Osage University Partners, and the Manning Family Foundation.

“We believe Atsena has a unique opportunity to deliver meaningful impact for patients with inherited retinal diseases on the basis of novel science and impressive clinical data generated to date,” said Amir Zamani, a partner at Bain Capital. “We look forward to supporting Patrick and his strong team as they look to unlock the next phase of Atsena’s growth and innovation while thoughtfully advancing potentially groundbreaking therapies toward patients in need.”

“Closing our Series C marks a pivotal moment for Atsena as we advance our transformative ocular gene therapies and fuel our next phase of growth, innovation, and clinical progress,” said Patrick Ritschel, the chief executive officer of Atsena. “It’s been a busy and successful year for us. We found a partner to help move ATSN-101 into a major global trial for Leber Congenital Amaurosis type 1 (LCA1), and we also started the next phase of our ATSN-201 study for X-linked retinoschisis (XLRS). We’re thankful to our investors and partners who believe in our mission to use genetic medicine to help prevent or reverse blindness.” 

New York and Boston-based Bain Capital Life Sciences targets life sciences investments across biopharmaceutical, specialty pharmaceutical, and diagnostic platforms. Bain Capital closed its most recent fund, Bain Capital Life Sciences Fund III, at $1.9 billion in October 2023. Bain was founded in 1984 and is headquartered in Boston.

Wellington Management, based in Boston and founded in 1928, is a private, independent investment management firm serving institutional clients. The firm provides capital across public and private markets, including venture and growth-stage healthcare investments.

Wedbush & Co. was the placement agent for this round and Cooley provided legal services.