BASEL, Switzerland--(BUSINESS WIRE)--Polyneuron Pharmaceuticals AG, a clinical stage developer of a new class of antigen-specific polymers for the treatment of patients with serious autoimmune diseases, today announced a CHF 14 million extension of the Series A, bringing the total to CHF 36.5 million. HBM Healthcare Investments has joined the consortium of investors in the Series A, led by Sofinnova Partners, and which included New Enterprise Associates (NEA) and other private investors.
Polyneuron will use the proceeds to advance its lead product candidate PN-1007, a potential treatment for anti-MAG neuropathy, a serious nervous system disease with a high unmet medical need, through Phase I/IIa clinical development. Clinical studies with PN-1007 in patients are scheduled to begin before the end of 2020. The funding will also progress a second program, PN-1018, to the clinical trial application (CTA) approval stage. PN-1018 is being studied in Guillain-Barré Syndrome and Multifocal Motor Neuropathy. Polyneuron will also use the proceeds to accelerate preclinical development of its Antibody-Catch™ product portfolio in new indications, with a focus on antibody-mediated renal and hematological diseases.
“The interest from investors since the first closing has been phenomenal, so we decided to extend the Series A. We would like to welcome HBM Healthcare Investments to the consortium as part of that extension,” said Ruben Herrendorff, Ph.D., CEO and co-founder of Polyneuron. “The additional funds will enable us to take PN-1007 through Phase IIa and bring a second program, PN-1018, to the clinic, a great achievement for the whole Polyneuron team!”
Concurrent with the financing Dr Emil Bujak from HBM Healthcare Investments has been appointed to the Board of Directors.
“Polyneuron’s approach, using antigen-specific polymers to target and eliminate the pathological antibodies causing serious autoimmune diseases with a high unmet medical need, is unique and one we believe could resonate well in these difficult to treat diseases,” said Dr Bujak.
About HBM Healthcare Investments
HBM Healthcare Investments invests in the healthcare sector. The Company holds and manages an international portfolio of promising companies in the human medicine, biotechnology, medical technology and diagnostics sectors and related areas. Many of these companies have their lead products already available on the market or at an advanced stage of development. The portfolio companies are closely tracked and actively guided in their strategic direction. This is what makes HBM Healthcare Investments an interesting alternative to investments in big pharma and biotechnology companies. HBM Healthcare Investments has an international shareholder base and is listed on SIX Swiss Exchange (ticker: HBMN).
About Polyneuron Pharmaceuticals
Polyneuron Pharmaceuticals is pioneering a novel therapeutic approach for the effective and safe treatment of antibody-mediated immune diseases. The company’s Antibody-Catch™ technology platform enables the chemical design of injectable polymers that are able to selectively eliminate pathological antibodies in an antigen-specific manner, 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 and Prof. Dr. med. Andreas J. Steck. The company is headquartered at the Stücki Park in Basel, Switzerland. More information can be found at http://www.polyneuron.com/.
This press release contains forward-looking statements which are based on current assumptions and forecasts of the Polyneuron management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Polyneuron's clinical trial timelines, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Polyneuron disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.