MILAN--(BUSINESS WIRE)--Sofinnova Partners, a leading European venture capital firm specialized in Life Sciences, announced today it has led EryDel’s €26.5 M financing. The Italian biotech company, which specializes in drug delivery through red blood cells, will be using funds to boost its international development and to complete the ATTEST trial - a registrational Phase III clinical trial currently enrolling in Europe, Asia, Australia and in the United States. Next to Sofinnova Partners, existing shareholder Genextra SpA and Innogest SGR also participated to the investment.
Based in Milan (Italy), EryDel develops an innovative red-blood-cell-based drug delivery device for the treatment of rare neurodegenerative diseases. Its proprietary technology relies upon the encapsulation of drugs into red cells taken from the patient’s own blood which are then re-infused into the patient. The company is led by Luca Benatti, CEO, a serial entrepreneur who previously co-founded Newron Pharmaceuticals (NWRN). EryDel’s lead product, EryDex, has received Orphan Drug designation both from the FDA and the EMA for the treatment of Ataxia Telangiectasia (AT), a rare autosomal recessive disorder for which there is currently no established therapy. Most AT patients die in the second decade of life. Next to AT, EryDel’s technology is being developed in a wide range of additional applications.
Luca Benatti, CEO of EryDel, indicates: “We are thrilled to welcome Sofinnova Partners as our lead investor. Their unique international reach and recognized experience for building global leaders represent a huge asset at a time when EryDel is about to accelerate its growth plan.”
Graziano Seghezzi, Managing Partner at Sofinnova Partners, adds: “We have known Luca Benatti for almost two decades and followed EryDel’s development since the beginning. We believe the company is now poised for rapid growth and are happy to actively contribute to this exciting development.”