The GlaxoSmithKline spin-out, which is working on treatments for hearing disorders, has raised additional funds to extend the Pfizer-backed round to $36.6m.
UK-based biotechnology company Autifony Therapeutics has raised £23.5m ($36.6m) in a series A round backed by Pfizer Venture Investments, the corporate venturing arm of pharmaceutical company Pfizer.
Autifony had previously raised more than £15m in the round from Pfizer, healthcare company GlaxoSmithKline (GSK), venture capital firm SV Life Sciences, investment trust International Biotechnology Trust, Imperial Innovations and UCL Business, before closing an £8m extension on Friday.
GSK, SV Life Sciences, Imperial Innovations and UCL Business originally provided £10m in series A capital in 2011. Pfizer Venture Investments led a £5.5m second tranche in 2013 that also featured IBT.
Autifony, which was spun out of GSK in 2011, is developing treatments for hearing disorders. The latest funding will support a clinical trial for its lead drug candidate in patients with a cochlear implants.
The company is also set to enter a second therapeutic candidate into a Phase 1 clinical trial for schizophrenia, and will conduct preclinical research for other possible treatments.
Charles Large, chief executive of Autifony, said: “We are delighted that all Autifony investors are supporting us with additional funding to build on the excellent progress that has been made to date in our hearing and schizophrenia programmes.
“We look forward to taking these programmes forward and to investigating further exciting opportunities.”
This article first appeared on our sister site Global Corporate Venturing.
