Ohio State spinoff Basking Biosciences raises $55 million to test stroke treatment
Basking Biosciences, a company developing a novel therapy to treat stroke, raised $55 million from a group of investors including The Ohio State University.
The clinical-stage biopharmaceutical company will use the proceeds to accelerate clinical development. Last year, Basking announced positive Phase 1 results for the BB-031.
ARCH Venture Partners led the round, with participation from new investors Insight Partners, Platanus, Solas BioVentures, and RTW Investments. Also participating were existing investors Longview Ventures, Rev1 Ventures, and The Ohio State University. Basking was co-founded in 2019 by Dr. Shahid Nimjee, an OSU neurosurgeon and surgical director of the Comprehensive Stroke Center at the Wexner Medical Center.
Acute Ischemic Stroke accounts for 87% of all strokes and is the leading cause of combined mortality and morbidity worldwide. Every year, 15 million people suffer strokes and more than 5 million die, according to the World Health Organization.
What it means for Ohio
Basking’s fundraise comes amid strong momentum in Ohio’s healthcare and biotech space. Ohio has proven it has all the pieces to be a hub of healthcare innovation, from world-class children’s hospitals and higher education institutions to technology startups and supply chain service providers.
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What they’re saying
“Many ischemic stroke patients have no acute therapeutic option available and there is an ongoing need for innovative new approaches to expand treatment success. We look forward to evaluating BB-031’s potential to improve outcomes in the RAISE study.”
- Michael Hill, M.D., Professor for the Departments of Clinical Neurosciences, Community Health Sciences, Medicine and Radiology at the University of Calgary and Foothills Medical Centre
“With the support and funding from our outstanding syndicate of life science investors, alongside the deep expertise of our Scientific and Clinical Advisory Board, we are eager to advance our innovative pipeline and improve patient outcomes.”
- Richard Shea, Chief Executive Officer, Basking
“BB-031 is designed to be safer and more effective than available treatments and to effectively resolve thrombosis beyond the limited therapeutic window of the currently available pharmacological option.”
- Shahid M. Nimjee, M.D., Ph.D., co-founder and Chief Medical Officer of Basking, and Professor of Neurosurgery and Surgical Director of the Comprehensive Stroke Center at The Ohio State University Wexner Medical Center
