NMD Pharma Raises $81.3 Million to Advance Neuromuscular Disease Pipeline
November 15, 2023
Rare Daily Staff
Neuromuscular disease drug developer NMD Pharma said that it raised $81.3 million (€75 million) in a series B financing.
Jeito Capital led the investment round, which included funding Novo Holdings, Lundbeckfonden BioCapital, INKEF Capital, and the Roche Venture Fund, all of whom are current investors.
NMD Pharma is developing first-in-class small molecule inhibitors of the skeletal muscle specific chloride ion channel (ClC-1) to enhance neuromuscular transmission with the potential to restore muscle function in a range of rare neuromuscular diseases. Proceeds from the financing will be used to complete three phase 2 studies with NMD670, the company’s lead ClC-1 inhibitor. The three studies will evaluate the novel mechanism of ClC-1 inhibition in AChR and MuSK antibody positive myasthenia gravis, spinal muscular atrophy, and Charcot-Marie-Tooth disease.
NMD Pharma said it will continue to expand its pipeline of ClC-1 inhibitor molecules and pursue undisclosed targets for the treatment of other neuromuscular diseases. The new funds will also be used to expand NMD Pharma’s clinical and commercial operations in Denmark and in the United States.
“This funding will help NMD Pharma evolve significantly and enable us to become a late-stage clinical company with a pipeline of novel therapeutics in development for patients with neuromuscular diseases,” said Thomas Holm Pedersen, CEO of NMD Pharma.
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