NAARDEN, Netherlands–(Business WIRE)–Prilenia Therapeutics B.V., a medical phase biotechnology company concentrated on the urgent mission to create novel therapeutics to gradual the progression of neurodegenerative and neurodevelopmental diseases, right now announced that it has raised an extra $10 million, bolstering the Series B financing spherical and bringing whole funds elevated to date to $144 million.
The 2nd closing incorporates new investor, SV Health Buyers, a top transatlantic enterprise capital and advancement fairness firm, with offices in Boston and London, fully commited to investing in tomorrow’s health care breakthroughs. SV joins Prilenia’s first Collection B traders Sands Money, Forbion, Morningside, Amplitude Ventures, as perfectly as Sectoral Asset Administration, Talisman and the ALS Financial commitment Fund. Proceeds from the funding will make it possible for Prilenia to keep on the robust momentum of its lead drug prospect, pridopidine, for clients with Huntington’s Ailment (Hd) and Amyotrophic Lateral Sclerosis (ALS) by way of 2024. Information readouts for both of Prilenia’s scientific trials are predicted in the following 12 months.
In conjunction with the funding, Houman Ashrafian, Taking care of Husband or wife at SV Health and fitness Traders, co-guide of SV’s Biotech franchise, will sign up for the Company’s Board of Directors. The SV Biotech resources devote in businesses designed on novel science, trying to get breakthroughs that address essential unmet professional medical wants with the likely to alter the apply of medicine. Houman has important practical experience in the biotech marketplace and a prolonged heritage of creating substantial benefit, prosperous new firms and bringing transformational medication from discovery to sector.
“Prilenia’s novel Sigma-1 Receptor agonist method represents a promising therapeutic advancement for clients with Hd and ALS – two devastating neurodegenerative ailments with an unmet have to have for cure,” mentioned Houman Ashrafian. “There is wonderful likely at the rear of pridopidine, and SV is seeking ahead to supporting the Company together with the sturdy management monitor document of Dr. Michael Hayden and the Prilenia crew.”
“Due to the fact Prilenia’s founding, our motivation to individuals has been the driving force driving all of our efforts, and these supplemental money more help our mission of giving hope to people and households,” reported Dr. Michael R. Hayden, CEO and Founder of Prilenia. “We are passionate in our belief that impressive drug progress can have a transformative effects on patients, and we are delighted to welcome SV and to have Houman sign up for our board as we get the job done with urgency to create likely existence-switching therapeutics for neurodegenerative diseases.”
This 2nd closing even further strengthens Prilenia’s endeavours and is backed by new milestones, which include the completion of individual enrollment in the Pridopidine Final result On Operate in Huntington’s Condition (Evidence-High definition) World-wide Stage 3 Medical Demo and the HEALEY ALS Platform Trial. In addition, Prilenia recently acquired Quick Monitor designation for pridopidine for the therapy of High definition. This enables for additional regular communications with the Food and drug administration and might also qualify for accelerated acceptance and priority critique of new drug apps. Future milestones for the Company involve sharing info from the HEALEY ALS Platform Demo in late 2022 and Proof-Hd prime-line success in early 2023.
Houman Ashrafian joins the Prilenia workforce with a long time of experience advancing and growing biotechnology businesses. Just due to the fact 2016, Houman has launched six businesses Sitryx, Enara Bio, TRexBio, Alchemab, Catamaran Bio and Mestag and serves on the board of four of these providers. Earlier, Houman co-started the solutions organization Cardiac Report in 2003, as properly as Heart Metabolics in 2008. Coronary heart Metabolics effectively repositioned perhexiline, as a remedy for hypertrophic cardiomyopathy and coronary heart failure. Perhexiline is now in state-of-the-art medical trials and has orphan drug designation. Exterior of SV, following completion of his cardiology training, Houman was appointed as an Honorary Guide Cardiologist in 2011 at the John Radcliffe Healthcare facility in Oxford. He is Browsing Professor and Head of Experimental Therapeutics at the College of Oxford. Moreover, Houman is co-founder and Chairman of Weatherden, a boutique medical development company.
Prilenia is a clinical stage biotech startup established in 2018 focused on the urgent mission to create novel therapeutics to slow the development of neurodegenerative ailments and neurodevelopmental issues. Prilenia is backed by a team of nicely-highly regarded investors which includes: Forbion, Morningside, Sands Funds, SV Health and fitness Buyers, Sectoral Asset Administration, Talisman, Amplitude Ventures and the ALS Expenditure Fund. The Company is centered in Naarden, the Netherlands, Herzliya, Israel and Boston, MA in the U.S.
About SV Health Traders
SV Wellbeing Investors is a foremost health care fund manager fully commited to investing in tomorrow’s healthcare breakthroughs. The SV relatives of resources invests across levels, geographic regions, and sectors, with experience spanning biotechnology, dementia, health care advancement, health care know-how and public equities. With approximately $2.7 billion in property beneath management and a actually transatlantic presence with places of work in Boston and London, SV has developed an comprehensive community of talented financial investment experts and expert market veterans. Considering the fact that its founding in 1993, SV has invested in extra than 200 firms with a lot more than 90 of these possessing obtained profitable acquisitions or IPOs.
For far more info, please see www.svhealthinvestors.com.