MaaT Pharma, a France-based biotherapeutics developer has closed a series B round featuring pharmaceutical company Biocodex at approximately €25.4m ($30.4m).
State-owned investment bank BPIfrance’s PSIM fund led the €7.35m second tranche, which also attracted investments from healthcare advisory SkyViews Life Science and family office Celeste Management
The company closed the round’s initial tranche at €18m ($19.8m at contemporary rates) in February this year, Biocodex joining Crédit Mutuel Innovation, a venture capital subsidiary of financial services firm Crédit Mutuel, as well as microbiome investor SymBiosis and Seventure Partners, a fund owned by asset manager Natixis.
Founded in 2014, MaaT is focused on the development of biotherapeutic drugs intended to improve the survival of patients suffering from diseases such as blood cancers and graft-versus-host disease, where immune cells from transplanted organs attack the host body.
The company will use the funding to build upon the fermentation production platform it uses to develop microbiome ecosystem therapeutics. It will also support production of its graft-versus-host disease drug, MaaT013.
Seventure provided $1.2m for MaaT in early 2015, before it backed a $1.1m round alongside public research institute INRA later that year. MaaT closed an $11m series A round in 2016 with investments from Biocodex, Crédit Mutuel Innovation, Seventure and INRA.