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."