Biotech Startup QurAlis Bags $88M Funding to Develop ALS Product Candidates

QurAlis Corporation, a clinical-stage biotech startup focused on amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases has closed on an oversubscribed $88 million Series B financing.

Cambridge, MA-based QurAlis, also backed by Amgen’s venture capital unit, has so far raised $143.5 million since it was founded in 2016, including $42 million in its previous round in May 2020 for the biotech firm from Harvard stem cell pioneers Kevin Eggan and Clifford Woolf.

EQT Life Sciences co-led the financing with Sanofi Ventures and Droia Ventures. Other investors participating include the ALS Investment Fund and Eli Lilly, with additional funding from existing investors.

As part of the funding, Cillian King, managing director at EQT Life Sciences, and Laia Crespo, partner at Sanofi Ventures, will join QurAlis’ board of directors.

The news adds to a big two weeks for private cash infusions, with half a dozen startups snagging money in the biotech world, breaking from a long capital rut.