Germany-based biopharmaceutical company InflaRx has raised €31m ($34m) in a series C round that included drug developer Staidson Biopharmaceuticals, which contributed through its corporate venturing subsidiary Staidson Hong Kong Investment.
Unnamed family offices, industrial investors and existing equity holders also took part in the round.
InflaRx is working on therapies to tackle a range of acute and chronic inflammatory conditions. Its lead drug candidate, IFX-1, successfully completed a phase 2a clinical trial in January 2016 for patients suffering from early septic organ dysfunction.
Last month, IFX-1 entered a second phase 2 trial for complex cardiac surgery patients. The series C funding will support the current phase 2 trial and preclinical development of InflaRx’s pipeline.
The company previously closed a “double digit million euro” series B round in 2014 led by BM-T, the investment arm of Germany’s Free State of Thuringia.
InflaRx also closed a series A round of undisclosed size in 2008 that was backed by Germany’s federal development bank KfW, business platform Affentranger Association and Private Equity Thüringen, one of eight funds managed by BM-T.
Arnd Christ, chief financial officer of InflaRx, said: “Despite the very challenging market conditions, we have been able to bring together an international syndicate of investors and family offices that believe in the tremendous potential of our technologies.
“The proceeds of this financing will enable us to reach multiple significant value inflection points and generate a variety of strategic options.”