Edgewise Therapeutics, a U.S.-based biotechnology company, has raised $50 million in its Series B investment round.

Novo Holdings A/S and U.S. Venture Partners co-led the round, which was joined by Deerfield Management, New Leaf Venture Partners, Cure Duchenne Ventures, and previous backer, OrbiMed Advisors.

As part of the latest fundraising, Novo Ventures and U.S. Venture Partners will be joining Edgewise Therapeutics' board of directors.

Edgewise Therapeutics will allocate the new capital for the advancement of its lead product candidate into clinical development for Duchenne and Becker Muscular Dystrophy as well as expand its pipeline.