US-based neuroregenerative therapy developer Pipeline Therapeutics closed an $80m series C round yesterday featuring Cleva Pharma Capital, an affiliate of pharmaceutical company Brace Pharma.
An undisclosed healthcare-focused investor led the round, which included Perceptive Advisors, Franklin Templeton, Casdin Capital, Samsara BioCapital, Suvretta Capital, Red Tree Venture Capital, Versant Ventures, Sectoral Asset Management and an unnamed investment fund.
Pipeline is working on small molecule drugs intended to treat neurological disorders. Its potential products include PIPE-505, which is in a phase 1/2a clinical trial for patients with sensorineural hearing loss.
The company has advanced a second candidate, PIPE-307, into a phase 1 trial for patients with multiple sclerosis, and is also developing therapeutics to repairing axons – nerve fibres – in order to combat neurological disorders caused by axonal degeneration.
Carmine Stengone, Pipeline’s president and chief executive, said: “We are delighted to welcome the new investors in our series C round, and are grateful to our existing shareholders for their continued support.
“We are proud to have this significant support for our mission of developing first and best-in-class neuroregenerative product candidates for unserved and underserved neurological indications.”
Versant Ventures was the company’s founding investor and returned for a $30m series B round in December 2019 that was led by Sectoral Asset Management and backed by Cleva Pharma Capital, RBV Capital and Hadean Ventures.
