Pharnext Raises €8M in Funding
Pharnext SAS, an Issy les Moulineaux, France-based biopharmaceutical company specializing in the development of innovative treatments based on Pleotherapy™ for severe neurological diseases, has raised €8m in two tranches in October and December 2011.
This follows a €2.5m round closed in June 2011 (read here).
Backers include new and existing investors including Parinvest, La Financière Gaspard and Truffle Capital.
The company intends to use the funding to complete the ongoing Phase II clinical study of Pleodrug™ for the treatment of Charcot-Marie-Tooth disease type 1A and continue to advance the Alzheimer’s disease program (the initiation of clinical trials is scheduled in 2012).
Charcot-Marie Tooth Disease is a severe, invalidating, chronic neuromuscular disease that affects 3 million people worldwide and for which there is currently no treatment.
Pharnext is led by co-founder and CEO Professor Daniel Cohen.