Bpifrance supplied funding through three separate units to help take Satt Conectus-allied rare disease drug developer Dynacure's latest round to $55m.
Dynacure, a France-based drug developer spun out of Institute of Genetic and Molecular and Cellular Biology (IGBMC) in Strasbourg, today completed a €50m ($55m) series C round backed by government-owned investment bank Bpifrance.
Bpifrance invested through its Large Venture, Fabs and Fonds Biothérapies Innovantes et Maladies Rares funds. The round was led by investment firm Perceptive Advisors.
The deal was rounded off by Andera Partners, Kurma Partners, Pontifax and unnamed funds managed by Tekla Capital Management. IGBMC is a collaboration between University of Strasbourg and research institutes Inserm and CNRS.
Dynacure is preparing for phase 1/2 clinical testing on a treatment called DYN101 for myotubular and centronuclear myopathies (CNMs), a group of rare inherited muscular diseases that manifest as defects in the cell structure of skeletal muscles from birth.
CNMs can be fatal and affect an estimated 4,000 to 5,000 patients across the EU, US, Japan and Australia, according to Dynacure.
DYN101, created in partnership with RNA drug discovery business Ionis Pharmaceuticals, aims to modulate the gene expression of a protein called DNM2 linked to CNM disease.
Proceeds will be used to complete the multi-centre phase 1/2 trial on adult patients, before extending the program to include paediatric patients.
Dynacure will also look to expand its operations with a view to growing its therapeutic pipeline. Henry Skinner, senior vice-president of Tekla Capital Management, will join the board of directors.
The company subsequently closed a $55m round in 2018 led by Andera Partners and backed by Bpifrance, Pontifax, Kurma Partners and Idinvest Partners.
Bpifrance provided an undisclosed sum in 2017. Regional tech transfer office Satt Conectus, Ionis Pharmaceuticals, Kurma Partners and Idinvest Partners supplied an undisclosed amount of funding for Dynacure in 2016.
Satt Conectus had supported the project’s early development with a total of approximately $515,000 in funding that was supplied over three tranches between 2013 and 2015.