CODA Biotherapeutics

The company's core technology was a chemogenetic platform designed to modulate the activity of neurons. This two-step process involved using a common adeno-associated virus (AAV) vector to deliver genes that cause cells to produce specific 'switch' proteins. These proteins, engineered ion channel receptors, would remain dormant until activated by a specific, orally administered small-molecule drug. This approach was intended to allow for precise, dose-dependent control over neuronal activity, thereby offering a targeted treatment for neurological disorders with potentially fewer off-target side effects. The business model envisioned a novel pricing structure, with separate payments for the initial gene therapy and the subsequent oral drug, contingent on the treatment's effectiveness for the patient. CODA's strategy also included acquiring and repurposing experimental drugs, such as three candidates from Attenua originally developed for chronic cough.

Throughout its operation, CODA secured significant funding from investors including Versant Ventures, MPM Capital, Astellas Venture Management, and Pacira BioSciences. An initial Series A round in 2018 was extended in November 2019, bringing the total to $34 million. In December 2021, the company announced a further $28 million in financing. Despite this financial backing and a promising technological platform, CODA Biotherapeutics ceased operations. The closure, confirmed on March 8, 2023, was attributed to significant financial difficulties, exacerbated by a challenging economic environment for the biopharma sector, technological hurdles, and key leadership departures in late 2022 and early 2023.