Novato, Calif. -- Ultragenyx Pharmaceutical, a Novato-based developer of therapeutics designed to treat rare diseases, said on Monday it has raised $45 million in its first round of funding, co-led by TPG Biotech and Fidelity Biosciences. HealthCap, and Pappas Ventures also participated in the round, which the company will use to advance multiple products through the pipeline, as well as develop new product candidates and partnerships. Ultragenyx's lead product candidate, a treatment for Hereditary Inclusion Body Myopathy (HIBM), is expected to enter the clinic later this year. President and CEO Emil Kakkis founded the company in April 2000, providing its initial funding. He previously spent more than 11 years at BioMarin.