The round was led by Edmond de Rothschild Investment Partners (EdRIP), with participation from InnoBio fund, managed by CDC Entreprises within FSI France Investment program, and Crédit Agricole Private Equity.
In conjunction with the funding, four new members have joined the company’s board of directors:
- Thierry Hercend, MD, PhD, and Chairman of the Board;
- Raphaël Wisniewski, Partner at EdRIP;
- Olivier Martinez, PhD, Investment Manager at the InnoBio Fund and
- Bruno Montanari, Investment Manager at Crédit Agricole Private Equity.
A significant part of the funds will be used to advance the company’s lead program, Imeglimin, an oxidative phosphorylation inhibitor, to treat Type 2 diabetes. which is defined by a failure of sensitive tissues to respond to insulin, a hormone involved in glucose and fatty acid metabolism.
Commenting on the round, Thomas Kuhn, CEO at Poxel, said: “This substantial funding is very encouraging and is a real testimony to the potential of our company.
“This financing will help us advance our product pipeline and specifically demonstrate Imeglimin’s clinical potential, both as monotherapy and in combination”.