Life sciences investment firm LSP has confirmed it has led a $180m series A round for Arvelle Therapeutics, a Switzerland-based epilepsy drug developer spun off from pharmaceutical company Axovant.
Andera Partners, BRV Capital Management, NovaQuest and HIG BioHealth Partners also participated in the round. The company had initially revealed that it had raised more than $100m without giving a precise figure, and Axovant will carry a 5% stake in the company forward.
Arvelle is developing drug therapies to treat central nervous system (CNS) disorders and will initially focus on Cenobamate, an investigational-stage small molecule anti-epileptic drug it has licensed from pharmaceutical firm SK Biopharmaceuticals.
SK discovered Cenobamate and advanced it to the point where its New Drug Application was accepted by US regulators. The deal will involve SK getting a $100m upfront payment which could potentially be increased to $430m once milestone and regulatory payments are taken into account.
Mark Altmeyer, Arvelle’s president and chief executive, said: “We launched Arvelle to bring truly innovative CNS products to patients suffering from serious neurological conditions and Cenobamate is the perfect potential first portfolio product.
“We believe Cenobamate has the potential to be an important anti-epileptic drug treatment option for adult patients suffering from partial-onset seizures. We appreciate the support and validation of our investors and are very enthusiastic about our potential in the European market.”
