Spain-based drug developer Minoryx Therapeutics closed a €19.4m ($22.1m) series A round yesterday featuring Roche Venture Fund and Chiesi Ventures, the respective investment vehicles of pharmaceutical firms Roche and Chiesi Group.
Ysios Capital led the round, while Caixa Capital Risc, the venture capital arm of financial services provider La Caixa, Idinvest Partners, Kurma Partners and HealthEquity, a non-bank health savings accounts trustee, also took part.
Minoryx is working on treatments for a range of orphan diseases including X-linked adrenoleukodystrophy, a life-threatening neurodegenerative condition. One form of the disease is currently only treatable with a bone marrow transplant, while there is no therapy available for the other form.
The money will go towards the recruitment of research and development staff, advancement of a lead drug candidate into clinical trials and further development of the company’s pipeline.
Monique Schiersing, an investment director of Roche Venture Fund, will join Minoryx’s board in conjunction with the funding, as will Laia Crespo of Ysios Capital and Thierry Laugel of Kurma Partners.
Minoryx previously secured $1.8m in a January 2015 seed round featuring La Caixa, which invested through its Caixa Innvierte BioMed II fund, and charity Sanfilippo Foundation. Caixa Capital Risc and Inveready had alreeady provided $1.7m in a 2013 seed round.