NeuroPhage Pharmaceuticals, a US-based developer of medication for neurodegenerative diseases backed by Shire and Mérieux, has closed a $17m series D round and will use the funds to advance clinical tests of its lead candidate, NPT088.
Ireland-based biopharmaceutical company Shire and Mérieux Développement, the healthcare investment unit of France-based bioresearch corporation Institut Mérieux, participated in the round, along with undisclosed new investors.
Shire and Mérieux have funded Neurophage since its $21.4m series B round in 2011, though Nanga Investments and other private biotech investors funded a $7m series A in 2008. Neurophage, which develops drug treatments based around its General Amyloid Interaction Motif (GAIM) technology platform, has now raised $51.8m.
Franz Hefti, chairman of NeuroPhage’s Scientific Advisory Board, said: “NeuroPhage’s recent progress in the understanding of the GAIM mechanism opens up various indications spanning the common diseases Alzheimer’s and Parkinson’s disease, and also rare ailments such as Huntington’s disease and Transthyretin amyloidosis. This represents a breakthrough approach that holds great promise for patients.”
“This substantial financing will enable NeuroPhage to progress a robust IND-enabling package for NPT088 and prepare for the clinical evaluation of a completely new approach to treat devastating neurological diseases,” added NeuroPhage CEO Jonathan Solomon. “We are grateful for the continued support from our investors and look forward to advancing the GAIM platform which has the promise to address multiple disease-driving misfolded proteins simultaneously.”