Rare Daily Staff
Rare disease drug developer Minoryx Therapeutics said it completed a series B funding round of $24.8 million (€21.3 million), which will be used to expand the indications for its lead product candidate and advance a second compound into the clinic.
Fund+ led the round with investment from SFPI-FPIM, S.R.I.W. and Sambrinvest. In addition, all of the company’s series A investors also participated in the round including Ysios Capital, Kurma Partners, Roche Venture Fund, Idinvest Partners, Chiesi Ventures, Caixa Capital Risc, and HealthEquity.
Minoryx’s lead product candidate MIN-102 is in a phase 2/3 clinical trial for the treatment of adrenomyeloneuropathy (AMN), a genetic, neurodegenerative disease. The trial is testing MIN-102 on adult male patients affected by AMN with the most frequent phenotype of X-linked adrenoleukodystrophy (X-ALD) in Europe and the United States.
MIN-102 is a novel, orally bioavailable and selective PPAR gamma agonist. It is a metabolite of pioglitazone, a widely used drug to treat diabetes. MIN-102 shows a superior brain penetration and safety profile, allowing PPAR gamma engagement above the level that can be safely achieved with pioglitazone and other drugs in the same class. It showed robust preclinical proof of concept in several animal models. MIN-102 has Orphan Drug Designation for the treatment of X-ALD in both the European Union and the United States.
“The proceeds of the round will allow the company to demonstrate the potential of MIN-102 in new indications,” said Marc Martinell, co-founder and CEO of Minoryx. “These indications for MIN-102 include neuroinflammatory conditions such as cerebral ALD as well as multiple neurodegenerative diseases.”
Following this series B funding, Philippe Monteyne of Fund+ and Gery Lefebvre of S.R.I.W. will join the board of directors of Minoryx.
September 27, 2018
Photo: Marc Martinell, co-founder and CEO of Minoryx