Looks like Solstice Biologics, the tumultuous San Diego biotech that’s developing some promising RNAi therapeutics, continues its rocky gait – it appears to be sans a CEO.
Through a regulatory filing, we learn it’s just raised a small cache of cash: It has brought in $4 million from two investors. But the filing says much more: Namely, that the company’s been under new management since this past June.
Now, Solstice Biologics was famously enmeshed in an attempted murder trial right around its 2013 founding – when Hans Peterson shot his old partner and Solstice’s academic founder, Steven Dowdy. This brought far more attention to Solstice’s drama than to its core science – creating a delivery mechanism to allow RNA therapeutics to penetrate tissues.
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But Lou Tartaglia, a former partner at Boston-based Third Rock Ventures with a long history in successful startup launch, joined Solstice in June 2014 – an indication that the broader investment community stood behind the company’s RNAi science.
However, as of this past June, Tartaglia is “temporarily retired,” according to his LinkedIn profile – and the reins of CEO have been assumed by Dr. Corey Goodman, a partner at life sciences investment firm venBio. Goodman was considered the startup’s CEO before Tartaglia’s hire.
While Solstice announced the hire of Tartaglia some aplomb, it has been a little quieter about the fact that it’s effectively down a CEO. Inquiries to Solstice surrounding how it’ll use the new funding – and its leadership status – have yet to be answered.
However, it looks like Tartaglia has landed back in the Boston venture capital world – he’s been appointed CEO of 5am Ventures’ incubator, called the 4:59 Initiative. His role there will be much like his role at Third Rock: Forming and incubating biotech companies.
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This latest $4 million for Solstice builds on top of the $18 million Series A the company’s raised since its 2013 founding – backed largely by venBio and Aeris Capital AG. Given its uncommonly rocky start, it’ll be interesting to see where it takes its challenging – but promising – RNAi therapeutics.