Polyneuron Pharmaceuticals AG, a Basel, Switzerland-based developer of a new class of biodegradable glycopolymers for the treatment of autoimmune diseases, closed a CHF22.5m Series A financing.
The round was led by Sofinnova Partners and co-led by New Enterprise Associates (NEA), with the participation of existing investors. In conjunction with the financing, Polyneuron has expanded its Board of Directors to include two new members Graziano Seghezzi of Sofinnova Partners, and David Mott of NEA.
Founded as a University of Basel, Department of Pharmaceutical Sciences, spin-off in 2014 by Dr. Ruben Herrendorff (CEO), Dr. Pascal Hänggi (CSO), Prof. Beat Ernst, an expert in carbohydrate-based drug discovery, and neurologist Prof. Dr. med. Andreas J. Steck, an expert in autoimmune disorders of the nervous system, Polyneuron leverages Antibody-Catch™ technology to design injectable, biodegradable glycopolymers to target and eliminate the pathological antibodies causing autoimmune diseases, while leaving the rest of the immune system intact.
The company will use the proceeds to perform a first-in-human trial with its lead product, PN-1007, a potential treatment for anti-MAG neuropathy, a rare nervous system disease, and to broaden its Antibody-Catch™ product portfolio by advancing three programs through preclinical development.
PN-1007 mimics the natural HNK-1 carbohydrate epitope and binds to the circulating disease-causing antibodies. By eliminating these pathogenic antibodies, it may protect the integrity of the neuronal myelin sheaths of anti-MAG patients.
Polyneuron has obtained orphan drug designation from the European Medicines Agency for PN-1007 in anti-MAG neuropathy.