The round was co-led by Novo Holdings and Pappas Capital. In conjunction with the funding, Allievex has also appointed Kyle Rasbach, Ph.D., PharmD., Managing Partner at Pappas Ventures and Tiba Aynechi, Ph.D., Partner at Novo Holdings, to its Board of Directors.
Led by Thomas P. Mathers, Founder, President and Chief Executive Officer, Allievex is developing novel therapies for the treatment of rare pediatric neurodegenerative diseases. Its lead product candidate is tralesinidase alfa, an investigational enzyme replacement therapy using a novel fusion of recombinant human alpha‐N‐acetyglucosaminidase (NAGLU) with a peptide derived from insulin‐like growth factor 2 (IGF2) for the treatment of children with Sanfilippo syndrome type B or mucopolysaccharidosis IIIB (MPS IIIB).
The company intends to use the funds for registrational Phase 2 clinical studies of its lead product candidate, tralesinidase alfa for which Allievex has obtained an exclusive, worldwide license from BioMarin Pharmaceutical Inc. (Nasdaq:BMRN).
Under the terms of its agreement with BioMarin, the company will assume all financial obligations associated with the development and commercialization of tralesinidase alfa, while BioMarin will provide certain manufacturing services in support of a marketing authorization filing.