The KU Leuven spinout has completed another tranche of funding for its series B round featuring investments from the university.
Remynd, a Belgium-based Alzheimer’s disease and diabetes treatment spinout of KU Leuven, has increased its series B funding to €24m ($29.1m) after securing investments from a consortium including the university.
The $14.6m second close of the series B round featured government-owned investment fund PMV, federal holding company SFPI-FPIM, BNP Paribas Fortis Private Equity and Korys Investments.
The company pulled in $13.6m for the initial close of the round in December 2018, which was co-led by PMV and Korys investing together with KU Leuven and its seed fund Gemma Frisius, BNP Paribas Fortis Private Equity and individual investor Bernard Majoie.
Founded in 2002, Remynd develops treatments for diseases caused by cellular dysfunctions such as Alzheimer’s disease and diabetes. The spinout also operates a contract research organisation focused on disorders that affect the central nervous system.
The fresh funding will enable Remynd to complete the proof-of-concept clinical trials for its main treatment programmes in 2022.
Remynd began the first-in-human trial of its Alzheimer’s treatment, RES19-T, in 2020 and expects to start human trials for its diabetes programme this year.
In December 2017, Remynd entered a $413m licence agreement with healthcare company Novo Nordisk for its treatment for diabetes. The following year, Novo took the programme in-house to move it to the last stages of pre-clinical trials.
The company also raised $637,000 from unnamed backers in 2010. Remynd’s shareholders include Arkimedes, KBC and Blue Medical Investments.
