Enthera Pharmaceuticals, an Italy-based biotechnology developer focused on autoimmune conditions, today collected €28m ($32.8m) in a series A round co-led by pharmaceutical firm AbbVie’s corporate venturing arm AbbVie Ventures.
VC firm Sofinnova Partners co-led the round, which also included unnamed individuals coordinated by wealth management firm Banor SIM and by asset management firm Banca Profilo through Arepo Fiduciaria and Indaco Venture Partners.
Founded in 2016, Enthera Pharmaceuticals is working on treatments that re-establish stem cell capabilities in the pancreas and gut to tackle autoimmune diseases.
The company emerged out of biotech accelerator BiovelocITA to commercialise research by co-founders Paolo Fiorina and Francesca D’Addio, respective associate professor and assistant professor in endocrinology at University of Milan.
The series A capital will allow Enthera to move its lead asset, a proposed treatment for type 1 diabetes and inflammatory bowel disease, into human trials. The money will also support pipeline development.
Margarita Chavez, managing director of AbbVie Ventures, will join the board of directors. She said: “AbbVie Ventures’ investment in Enthera’s series A demonstrates our confidence in the team and their unique approach to treating underserved autoimmune disorders.
“I look forward to working with [chief executive] Giovanni [Amabile] and rest of the team as we drive the company and its innovation forward.”
Sofinnova previously led a $4.7m seed extension in July 2018, with participation from JDRF T1D, an investment fund set up by diabetes charity JDRF, as well as Silvano Spinelli and Gabriella Camboni.
The latter two, together with Sofinnova, had supplied an initial seed tranche, though further details could not be ascertained.
