Sofinnova Partners and New Enterprise Associates have co-led an oversubscribed series A round for Polyneuron Pharmaceuticals, spun out of University of Basel.
Polyneuron Pharmaceuticals, a Switzerland-based autoimmune diseases treatment developer spun out of University of Basel, today closed a CHF22.5m ($22.5m) series A round co-led by Sofinnova Partners and New Enterprise Associates (NEA).
Unnamed existing shareholders also contributed to the oversubscribed round.
Founded in 2014, Polyneuron is development treatments for autoimmune disorders such as anti-MAG neuropathy, a very rare conditions that causes the immune system to attack myelin-associated glycoprotein (MAG), essential to a healthy peripheral nervous system.
The proposed treatment, PN-1007, works through injectable, biodegradable glycopolymers that essentially act as a decoy by targeting and eliminating the pathological antibodies and leaving the rest of the immune system intact.
The series A capital will support a first-in-man trial for PN-1007 and the advancement of three programs through preclinical development. Graziano Seghezzi of Sofinnova Partners and David Mott of NEA have joined the board of directors.
Polyneuron previously received $3.1m in seed funding led by Eva Basel, with participation from Zürcher Kantonalbank (ZKB) and private investors, in May 2018, after Eva Basel, ZKB and angel investors had already committed $3m in 2016.
