PTC Therapeutics Raises $50M Equity Funding

After canceling an initial public offering in 2007, PTC Therapeutics Inc., a South Plainfield, N.J.-based drug company, has raised $50 million in new venture capital funding. The Column Group and return backer Delphi Ventures co-led the round. Undisclosed new investors were joined by return investors CSFB Private Equity, and HBM BioVentures and strategic investors Novo A/S and Celgene Corp. In conjunction with Delphi's increased stake, general partner Deepa Pakianathan will join PTC's board of directors.With the new funding, PTC has raised more than $183 million in VC funding and filed for an initial public offering in 2006 that it later withdrew because of market conditions. PTC last raised capital in 2005. PTC is developing small-molecule drugs based on cell activities called post-transcriptional-control processes, which regulate the rate and timing of protein production. The company is developing compounds that alter those processes by changing the way RNA is used to produce proteins. Possible uses for such drug candidates include treating cancer and genetic disorders. In addition to collaborating with strategic investor Celgene, the company also has agreements with Genzyme Corp., Gilead Sciences Inc., Merck & Co., Pfizer Inc. and Hoffmann-La Roche Inc.