Autoimmune-focused mRNA cell therapy developer Cartesian Therapeutics has secured USD 130 million in a Private Investment in Public Equity (PIPE) investment round, led by Leerink Partners and TD Cowen, with participation from HBM Healthcare Investments (Cayman) Ltd., Invus, and Schooner Capital, among others. The funding round is expected to be closed on or about July 3, 2024, subject to satisfaction of closing conditions.

The funds raised will be used to finance the company's ongoing pipeline programs, address general corporate requirements, and augment the company's working capital. The company also plans to conduct a Phase II basket trial in additional autoimmune indications. 

Cartesian Therapeutics is a clinical-stage biotechnology company developing mRNA cell therapies for autoimmune diseases. Its proprietary RNA Armory platform facilitates the precise engineering of cells to deliver mRNA therapies directly to disease sites, enabling safe and effective treatments. Cartesian's lead product, Descartes-08, is an autologous mRNA CAR-T therapy targeting B-cell maturation antigen (BCMA) and is in Phase IIb clinical development for myasthenia gravis (MG). The company is also developing Descartes-15, a next-generation mRNA CAR T therapy​ for autoimmune indications and multiple myeloma.