Source: Cibus news release
Cibus, a leader in the application of gene editing technologies for directed mutagenesis, announced it has raised $70 million in a Series C funding. The round was led by Fidelity Management and Research Company and was joined by several other high-profile investors, including Alexandria Venture Investments and Cormorant Asset Management.
“Closing the Series C round of funding adds to what has been a transformational period and one of the most exciting times in our history,” said Cibus’ CEO Peter Beetham. “Over the last year, Cibus has reached a number of important milestones with our core technologies, regulatory and commercialization execution. This funding is critically important for us to meet our aggressive trait development and commercialization plans. We are thankful to our investing partners, both new and returning, for their support of our vision.”
The funding will be used to commercialize Cibus’ first commercial product, SU Canola – a non-transgenic (non-GMO) sulfonylurea tolerant weed control crop – and to accelerate research and development of an expanding portfolio of impactful, high-value, non-transgenic crops, including early releases of canola, flax, rice and potato followed by traits in every major crop. In its first two years on the market, SU Canola has sold out of inventory, and experienced triple digit sales growth, with continued strong growth expected in 2019.
“We continue working toward our goal of having high value, non-transgenic traits in every major crop,” said Beetham. “This is the promise of our Rapid Trait Development System (RTDS), and puts Cibus at the forefront of a new movement in agriculture that leverages expertise in genomics, gene editing and cell culture. Cibus’ RTDS is enabling a new era in agriculture that provides capability beyond those of older transitional technologies that use transgenic genetic modification (GMO). This funding will help us maintain our leadership in this area, and fulfill our mission of creating a sustainable, global, non-transgenic food supply.”