HBM Healthcare chipped in additional funding to bring University of Basel spinout Polyneuron's series A round to $39.7m.
Polyneuron, a Switzerland-based autoimmune disease drug spinout of University of Basel, has pushed its series A round to CHF36.5m ($39.7m) with a $15.2m tranche backed by HBM Healthcare Investments.
Sofinnova Partners led the round having co-led the initial $22.5m close with New Enterprise Associates in March 2019 with backing from unnamed existing shareholders.
Founded in 2014, Polyneuron is developing drugs to address pathological antibodies in autoimmune-driven diseases, using injectable polymers chemically moulded to bind with specific antigens within each target indication.
The approach stems from founding research undertaken at University of Basel by a team under Beat Ernst, a professor emeritus at the Department of Pharmaceutical Sciences, and Andreas Steck, a professor in the Department of Neurology.
They were assisted by Ruben Herrendorff, a former postdoctoral researcher who is now CEO of Polyneuron, and his former colleague Pascal Hänggi, serving as Polyneuron’s chief scientific officer.
The series A cash is intended to fund phase 1/2a clinical trials starting before the end of 2020 on Polyneuron’s lead candidate, PN-1007, indicated for anti-MAG peripheral neuropathy, a rare autoimmune disease of the nervous system characterised by motor, muscle and sensory difficulties.
Proceeds will also go to progressing preclinical and discovery-stage candidates for additional antibody-driven nerve, blood and renal indications.
Emil Bujak, an investment adviser specialised in private equity at HBM Healthcare Investments, has joined Polyneuron’s board of directors.
Bujak said: “Polyneuron’s approach, using antigen-specific polymers to target and eliminate the pathological antibodies causing serious autoimmune diseases with a high unmet medical need, is unique and one we believe could resonate well in these difficult to treat diseases.”
Polyneuron had previously closed a $3.1m seed round in mid-2018 led by life sciences incubator EVA Basel that included state-owned financial services firm Zürcher Kantonalbank and private investors.
