Azafaros B.V., a Leiden, The Netherlands-based rare metabolic disorders pipeline developer, closed a Series A financing round of €25m (approximately USD$28m).
The round was led by Forbion with participation from BioMedPartners and founding investor BioGeneration Ventures.
The funding will allow the company to build its organization and expand its executive team.
Established in 2018 and led by Olivier Morand, Chief Executive Officer, Azafaros aims to translate innovative science from Leiden University (LU) and Amsterdam University Medical Center (Amsterdam UMC) into novel disease-modifying treatment modalities for rare genetic metabolic disorders such as lysosomal storage diseases (LSDs).
The company holds an exclusive license from LU and Amsterdam UMC to a library of novel patented compounds discovered by internationally recognized experts in the field, Professor Hans Aerts, PhD, Professor Hermen Overkleeft, PhD , Professor Stan van Boeckel, PhD and their co-workers at the Leiden Institute of Chemistry, Leiden University.
Azafaros’ proprietary lead compound AZ-3102 will initially address inherited life-threatening lysosomal storage diseases for which there are no effective therapies today. This orally available azasugar compound interferes with the metabolism of glycolipids and uniquely affects several key disease pathways through a dual mode of action.
In conjunction with this Series A financing, Azafaros’ board of directors now includes:
– Carlo Incerti, MD, Forbion Operating Partner, Chairman and Non-Executive Board Member
– Vanessa King, PhD, independent Non-Executive Board Member
– Olivier Morand, PhD, Chief Executive Officer and Executive Board Member
– Sander Slootweg, MSc, Forbion Managing Partner, Non-Executive Board Member
– Edward van Wezel, MSc, BGV Managing Partner, Executive Board Member
– Andreas Wallnöfer, PhD, MBA, BioMedPartners General Partner, Non-Executive Board Member.