The round was co-led by Munich-Germany based MIG Verwaltungs AG and Paris-France based Edmond de Rothschild Investment Partners.
The proceeds will be used to complete preclinical work and the first clinical study of the company’s lead compound, PDC31, which is being developed for the treatment of preterm labour and primary dysmenorrhea.
The company is expecting to conclude the remaining preclinical work early in mid 2010 and then conduct the Phase I/II trial.
The company was previously awarded €1m in seed funding from the Austria Wirtschaftsservice (AWS) and a grant of €517,000 from the Zentrum für Innovation und Technologie (ZIT), an agency of the City of Vienna for promotion of innovation and technology. The total funds raised since inception amount to over €5.56m.