InflaRx, a Germany-based inflammatory disease drug developer that counts pharmaceutical firm Staidson Biopharmaceuticals as an investor, announced a $55m series D round on Friday.
Bain Capital Life Sciences, a fund overseen by private equity firm Bain Capital, co-led the round with hedge fund sponsor Cormorant Asset Management and investment management firm RA Capital Management, while included unnamed investment funds also participated.
The round consisted of $30m in equity funding and $25m that was put into a secondary share purchase. It was announced on the same day as Renaisance Capital reported that InflaRx had filed for an $86m initial public offering in the US, though no IPO filing is currently available on the SEC website.
Founded in 2007, InflaRx is developing monoclonal antibodies that will target C5a, an inflammatory mediator involved in the progression of inflammatory diseases.
The series D capital will support phase 2b tests for InflaRx’s lead drug candidate, IFX-1, in chronic inflammatory and auto-immune indications, as well as preclinical work on pipeline molecules.
Staidson Hong Kong Investment, an investment vehicle for Staidson Biopharmaceuticals, invested in InflaRx’s $34m series C round in July 2016, together with undisclosed family offices, industrial investors and existing backers.
Development bank KfW, business platform Affentranger Association and Private Equity Thüringen, a fund overseen by the German state of Thuringia, provided an undisclosed amount of funding for InflaRx in 2008.
BM-T, another Thuringia fund, subsequently led the company’s series B round in 2014, in which it raised an eight-figure euro sum (€10m = $11.8m at current exchange rates).