RaNA Therapeutics, a Cambridge-based drug startup, has raised $55 million to bolster its research and finance initial studies into treatments for two genetic diseases of the nervous system.
The company said Thursday that it raised the funds from a group of new and existing investors led by MRL Ventures, an arm of the drug giant Merck, and the Baupost Group. RaNA plans to have one or two treatments for spinal muscular atrophy and Friedreich’s ataxia in clinical trials by 2017.
RaNA – a play on RNA, a genetic material that plays a critical role in creating proteins – says it is creating a new class of drugs that increase production of proteins “to treat a broad range of diseases with little or no treatment options today,” said Ronald Renaud, the company’s chief executive, in a statement.
As part of the financing deal, Dr. Joshua Resnick, the president of MRL Ventures, will join RaNA’s board of directors, the company said.
Jack Newsham can be reached at jack.newsham@globe.com. Follow him on Twitter @TheNewsHam.