Flex Pharma, a US-based developer of treatments for neuromuscular disorders, raised $40m in series A funding on Monday from investors including conglomerate Kraft Group.
Kraft was joined in the round by Longwood Fund, Bessemer Venture Partners, EcoR1 Capital, Jennison Associates, Lightstone Ventures, Alexandria Equities, CD-Venture, Bindley Capital Partners, City Hill Ventures and a host of private investors.
Flex, which was founded earlier this year, intends to use the capital to advance its clinical candidates. It plans to begin efficacy studies in patients with neuromuscular disorders in 2015.
Christoph Westphal, chief executive of Flex Pharma, said: “We are thrilled to partner with excellent investors, including both top-tier venture capital and leading crossover funds.
“Over the past year, Flex Pharma and our scientific founders have translated fundamental new science into human efficacy. We believe the calibre of Flex Pharma’s investors speaks to the strength of our science, and the hope that we may help individuals suffering from neuromuscular disorders.”