Polyneuron Pharmaceuticals has announced in a press release that it has completed a round of oversubscribed Series A funding. In so doing, the start-up, which was hived off from the University of Basel, has successfully raised 22.5 million francs. The financing round was led by the French risk capital firm Sofinnova Partners and New Enterprise Associates (NEA) in the USA. Graziano Seghezzi of Sofinnova Partners and David Mott of NEA are to join the Board of Directors at Polyneuron.
Polyneuron intends to use the fresh capital to conduct its first in-human clinical trial with its lead product PN-1007, which was developed to treat the autoimmune disease Anti-MAG Peripheral Neuropathy. People suffering from this condition may suffer sensory problems in their arms and legs, nerve pains and a loss of coordination. As the disease progresses, the peripheral nerves become increasingly damaged. PN-1007 is intended to fight this illness by neutralizing the auto antibodies responsible for causing it.
The company will also seek to broaden its Antibody-Catch product portfolio by advancing three programs that are currently in the preclinical development stage with the money. Antibody-Catch is a technology platform developed by Polyneuron to facilitate the development of drugs to target and eliminate the pathological antibodies causing autoimmune diseases, while leaving the rest of the immune system intact.