Rare Daily Staff
Polyneuron Pharmaceuticals said it closed a $22.6 million (CHF22.5 million) series A financing to advance its pipeline of experimental therapies designed to target pathological antibodies underlying autoimmune diseases without disrupting the rest of the immune system.
Sofinnova Partners and New Enterprise Associates led the round, which included participation from existing investors. The proceeds will be used to perform a first-in-human trial with the company’s lead product, PN-1007, a potential treatment for anti-MAG neuropathy, a rare and chronic disabling nervous system disease for which there in no approved treatment.
PN-1007 was designed to target the autoantibodies that cause anti-MAG neuropathy. PN-1007 binds to the circulating disease-causing antibodies. By eliminating these pathogenic antibodies, PN-1007 may protect the integrity of the neuronal myelin sheaths of anti-MAG patients. Polyneuron has obtained orphan drug designation from the European Medicines Agency for PN-1007 in anti-MAG neuropathy.
The proceeds will also be used to broaden the company’s Antibody-Catch product portfolio by advancing three programs through preclinical development. Using the Antibody-Catch technology, Polyneuron designs injectable, biodegradable glycopolymers that are able to target and eliminate the pathological antibodies causing autoimmune diseases, while leaving the rest of the immune system intact.
“This financing will allow us to advance our lead program PN-1007 through first-in-human proof of concept in anti-MAG neuropathy, a chronic debilitating neurological disorder where there is a great need to get new treatments to patients,” said Ruben Herrendorff, CEO and co-founder of Polyneuron.
In conjunction with the financing, Polyneuron has expanded its board of directors to include Graziano Seghezzi of Sofinnova Partners, and David Mott of New Enterprise Associates.
Photo: Ruben Herrendorff, CEO and co-founder of Polyneuron