VarmX, a Leiden, The Netherlands-based biotech company focusing on the development of therapies in the field of hemostasis and thrombosis, closed a Series A financing round of € 7.5m.
The round was led by the existing shareholder BioGeneration Ventures (BGV) and regional economic development company InnovationQuarter. Uniiq and Leiden University are also shareholders through conversion of their startup loan to the company.
The equity financing is supplemented by the Netherlands Enterprise Agency (RVO.nl) with an Innovation Credit of € 5.0m to a total of € 12.5m.
The series A round is a follow up to the initial seed financing in June 2017 by BGV and Innovation Quarter.
Led by Paul Bilars, CEO, and Professor Pieter Reitsma, CSO, VarmX is developing lead compound PseudoXa to stop or prevent bleeding in patients taking anti-coagulants in the form of synthetic factor Xa inhibitors. The product is based on the innovative research into the properties of a snake venom and of human factor X performed at the Leiden University Medical Center (LUMC).
The new financing will enable the company to advance its lead compound PseudoXa as a safe and effective factor Xa anti-coagulant reversal agent into human clinical studies, expand its team and develop the production process, focusing on purification and formulation as well as on the pharmacodynamics and kinetics of the active compound.