Switzerland-based biopharmaceutical company Prexton Therapeutics completed a €29m ($31m) series B round featuring Merck Ventures, the corporate venturing subsidiary of pharmaceutical company Merck Group, yesterday.
The round was co-led by Forbion Capital Partners and Seroba Life Sciences and also featured fellow venture capital firms Ysios Capital and Sunstone Capital.
Prexton is developing compounds originated by Merck affiliate Merck Serono to treat central nervous system (CNS) conditions. It will use the capital to fund phase 2 studies of its lead product, a Parkinson’s disease treatment called Foliglurax.
The company successfully concluded a phase 1 trial for Foliglurax, which is being developed to stimulate a compensatory neuronal system not affected by Parkinson’s in order to treat motor symptoms of the disease, in September 2016.
Francois Conquet, chief executive of Prexton Therapeutics, said: “It is a testament to the potential of Foliglurax that we have successfully completed such a significant funding round from high quality investors.
“We have developed a strong package of preclinical and phase 1 clinical data with Foliglurax. We are now keen to begin our phase 2 efficacy trials and continue the development of Foliglurax as a potential new therapeutic for Parkinson’s disease.”
Prexton had previously raised $10m in series A funding in early 2015 from MS Ventures, the corporate venturing representative of Merck Serono later absorbed into Merck Ventures, as well as Sunstone Capital and Ysios Capital.