DLA Piper advises Aspen Neuroscience in Series C financing aimed at advancing personalized cell therapy programs

DLA Piper advised Aspen Neuroscience, Inc. (Aspen) in raising US$115 million in a Series C financing round that will fuel the continued clinical development of Aspen’s lead program, ANPD001, for moderate to advanced Parkinson’s disease.

Headquartered in San Diego, Aspen is a clinical-stage biotechnology company developing autologous regenerative therapies. The round brings Aspen’s total capital raised to more than US$340 million, inclusive of an US$8 million grant from the California Institute for Regenerative Medicine.

“DLA Piper’s understanding of our vision has been invaluable,” said Damien McDevitt, PhD, President and CEO of Aspen. “Our longstanding relationship with the firm from our company formation to this current round of financing, and the team’s experience in working with companies such as Aspen through the opportunities and challenges faced by start-ups, has helped position us for ongoing success.”

In addition to supporting ongoing clinical trials, the Series C financing will be used to scale manufacturing capabilities to meet clinical and future commercial demand and advance Aspen’s pipeline of autologous iPSC-derived therapies for additional neurological indications.

“Helping Aspen advance therapies for patients with Parkinson’s disease is deeply meaningful to us, and we’re proud to collaborate with the company in its mission to bring this treatment closer to those who need it,” said Randy Socol, the DLA Piper Partner who led the deal team.

The Series C round was co-led by OrbiMed, ARCH Venture Partners, Frazier Life Sciences, and Revelation Partners, with participation from existing investors including Medical Excellence Capital, S32, Axon Ventures, LYFE Capital, LifeForce Capital, and DLA Piper among others. New investors included Kite, a Gilead Company (Nasdaq:GILD), Balyasny Asset Management, Cormorant Asset Management, Prebys Ventures, and others.

In addition to Socol, the deal team consisted of Partner Anthony Taranto and Associate Billy LaFortune (all San Diego).

DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers who provide strategic counsel to emerging companies and venture capital firms in high-growth industries, including technology, healthcare, life sciences and financial services. Over the last three years, DLA Piper has completed more than 2,100 financings globally, totaling more than US$80 billion. The firm is ranked among the most active global law firms for venture capital deal volume, according to PitchBook.