-
Leading venture capital firm Sofinnova Partners led the Series A
financing, together with New Enterprise Associates, which co-led the
round
BASEL, Switzerland–(BUSINESS WIRE)–Polyneuron Pharmaceuticals AG, a developer of a new class of
biodegradable glycopolymers for the treatment of autoimmune diseases,
today announced the closing of an oversubscribed CHF22.5 million Series
A financing. The round was led by Sofinnova Partners and co-led by New
Enterprise Associates (NEA), with the participation of existing
investors. The proceeds will be used to perform a first-in-human trial
with the company’s lead product, PN-1007, a potential treatment for
anti-MAG neuropathy, a rare nervous system disease. The proceeds will
also be used to broaden its Antibody-Catch™ product portfolio by
advancing three programs through preclinical development. Using the
Antibody-Catch™ technology, Polyneuron designs injectable, biodegradable
glycopolymers that are able to target and eliminate the pathological
antibodies causing autoimmune diseases, while leaving the rest of the
immune system intact.
“We value the support of all the investors in this significant Series A
round and in particular, welcome investors Sofinnova Partners and NEA,
both of whom have a proven track record in supporting emerging companies
such as Polyneuron in developing novel products and technologies,” said
Ruben Herrendorff, Ph.D., CEO and co-founder of Polyneuron. “This
financing will allow us to advance our lead program PN-1007 through
first-in-human proof of concept in anti-MAG neuropathy, a chronic
debilitating neurological disorder where there is a great need to get
new treatments to patients.”
In conjunction with the financing, Polyneuron has expanded its Board of
Directors to include two new members Graziano
Seghezzi of Sofinnova Partners, and David
Mott of NEA.
Mr Seghezzi noted: “Polyneuron’s management team is a dynamic group of
scientist-entrepreneurs made up of both young, up-and-comers, and highly
experienced team members who we’ve backed successfully in the past.
Further, Polyneuron has provided us an exceptional opportunity to invest
early in a world class science that could be game changing for many
patients suffering from autoimmune diseases.”
David Mott from NEA added: “We are pleased to have the opportunity to
back Ruben and the Polyneuron team on this mission to develop better
treatment options for patients suffering from anti-MAG neuropathies and
other rare autoimmune diseases. Personally, I am also looking forward to
working with Graziano and the Sofinnova team on another important
biopharma project.”
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm
specialized in Life Sciences. Based in Paris, France, the firm brings
together a team of professionals from all over Europe, the US and China.
The firm focuses on paradigm shifting technologies alongside visionary
entrepreneurs. Sofinnova Partners seeks to invest as a lead or
cornerstone investor in seed, start-ups, corporate spin-offs and late
stage companies. It has backed nearly 500 companies over more than 45
years, creating market leaders around the globe. Today, Sofinnova
Partners has over €1.9 billion under management. For more information: www.sofinnova.fr.
About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm
focused on helping entrepreneurs build transformational businesses
across multiple stages, sectors and geographies. With more than $20
billion in cumulative committed capital since the firm’s first fund
closed in 1978, NEA invests in technology and healthcare companies at
all stages in a company’s lifecycle, from seed stage through IPO. The
firm’s long track record of successful investing includes more than 225
portfolio company IPOs and more than 375 acquisitions. www.nea.com.
About Polyneuron Pharmaceuticals
Polyneuron Pharmaceuticals is pioneering a novel therapeutic approach
for the effective and safe treatment of antibody-mediated autoimmune
diseases of the nervous system where a pathological role of
anti-carbohydrate autoantibodies is well established. The company’s
Antibody-Catch™ technology platform enables the chemical design of
injectable glycopolymers that are able to selectively eliminate the
pathological autoantibodies, while leaving the rest of the immune system
intact. Polyneuron was founded as a University of Basel, Department of
Pharmaceutical Sciences, spin-off in 2014 by Dr. Ruben Herrendorff
(CEO), Dr. Pascal Hänggi (CSO), Prof. Beat Ernst, an expert in
carbohydrate-based drug discovery, and neurologist Prof. Dr. med.
Andreas J. Steck, an expert in autoimmune disorders of the nervous
system. The company is headquartered at the Stücki Park in Basel,
Switzerland, and has been supported by the BaseLaunch Accelerator
initiative. More information can be found at www.polyneuron.com.
About Antibody-Catch™
Antibody-Catch™ is a platform technology developed by Polyneuron to
facilitate the rational design of drugs that bind and eliminate
disease-causing autoantibodies in autoimmune diseases. The drug
candidates are chemically produced, biodegradable, high-molecular weight
glycopolymers that offer multiple epitope-mimics to the autoantibodies.
After injection, the drug serves as a decoy for the autoantibody, which
then is sequestered and eliminated from the body. This highly specific
treatment approach is fundamentally new and could potentially enable
treatment options for previously incurable diseases. Polyneuron
currently focuses on autoimmune diseases which involve autoantibodies
against carbohydrate epitopes.
About PN-1007
PN-1007 was designed to target the IgM autoantibodies that cause
anti-MAG neuropathy, a disabling chronic disorder of the peripheral
nervous system that has no approved treatment. PN-1007 mimics the
natural HNK-1 carbohydrate epitope and binds to the circulating
disease-causing antibodies. By eliminating these pathogenic antibodies,
PN-1007 may protect the integrity of the neuronal myelin sheaths of
anti-MAG patients. Polyneuron has obtained orphan drug designation from
the European Medicines Agency for PN-1007 in anti-MAG neuropathy.
Contacts
Polyneuron Pharmaceuticals
Dr. Ruben Herrendorff
+41 61
633 30 70
info@polyneuron.com
Sofinnova
Partners
International: Rooney Partners
Kate Barett
kbarrette@rooneyco.com
+1
212.223.0561
Halsin Partners (media)
Mike Sinclair
+44
20 318 2955
msinclair@halsin.com
France:
STRATEGIES & IMAGE
Anne Rein
anne.rein@strategiesimage.com
+33
6 03 35 92 05