Cytovation AS, a Bergen, Norway-based biotech company developing CyPep-1 for the treatment of skin disorders, raised NOK 20m in funding.
The round was led by a group of private investors in Norway.
The company will use the funds to advance lead product CyPep-1 into a Phase I clinical trial. These funds will enable Cytovation to conduct pre-clinical toxicology studies and GMP manufacturing of CyPep-1 as a topical cream for the treatment of warts caused by the human papilloma virus (HPV).
Led by CEO Kjell Inge Arnevig, Cytovation is developing CyPep-1, a peptide consisting of 27 amino acids that selectively targets cutaneous warts through the destruction of the cell membrane and creating an immune response through the release of antigens. This is a completely novel treatment strategy to treat a common disease which has already undergone extensive testing and quality control and also has applications in other dermatological diseases.
Founded in 2001, the company with ties to the Haukeland University Hospital and University of Bergen.