Enthera Pharmaceuticals, a Milan, Italy-based biotech company, completed a €28m Series A financing round.
The round was co-led by seed investor Sofinnova Partners and incoming investor AbbVie, with further investment from the JDRF T1D Fund (the venture capital fund of JDRF) and several Italian investors including a group coordinated by Banor SIM, a group coordinated by Banca Profilo through Arepo Fiduciaria and Indaco Venture Partners SGR. In conjunction with the funding, Margarita Chavez, Managing Director of AbbVie Ventures, joined Enthera’s Board of Directors.
Formed in 2016 on the basis of research by scientific founders Prof. Paolo Fiorina and Dr. Francesca D’Addio and led by Giovanni Amabile, CEO, Enthera Pharmaceuticals is developing disease-modifying biologics to transform the therapeutic paradigm of specific autoimmune conditions by re-establishing stem cell capabilities in a non-traditional way. The proceeds from the Series A financing will be used to obtain clinical proof-of-concept through a first-in-human study of Ent001, Enthera’s lead candidate. Ent001 has potential to restore the pancreatic beta cell compartment in type 1 diabetes as well as the original intestine structure in inflammatory bowel disease, in order to re-establish organ function. The funds will also be used to further develop Enthera’s pipeline.
The company is the first spin-off of the Italian biotech accelerator BiovelocITA, founded by Sofinnova Partners, Silvano Spinelli and Gabriella Camboni, which provided the initial seed fund. A seed extension was financed in 2018 by Sofinnova Partners, JDRF T1D fund and the other existing investors.