Pharnext Raises €2.5M Financing

Pharnext SAS, an Issy les Moulineaux, France-based biopharmaceutical company specializing in the development of innovative treatments for severe neurological diseases, has raised €2.5m in financing.

The round, which is expected to close by the end of the year at €10m, include investors such as Parinvest, La Financière Gaspard, and Truffle Capital.

The company intends to use the funds to continue clinical development of Pharnext’s Pleodrug™ for Charcot-Marie-Tooth (CMT) disease (PXT3003, which went into Phase II trials with patients suffering from type 1A CMT disease in December 2010).
Pleotherapy™ involves a single, patented Pleodrug™ combining mini-doses of several off-patent drugs already approved by the health authorities for the treatment of diseases that are biologically but not clinically linked to the target indication.

Led by founder and CEO Professor Daniel Cohen, Pharnext will also pursue its discovery projects and develop innovative treatments based on molecular networks that are disrupted in neurological or metabolic diseases.

The company also raised €4.75m financing in June 2010 (read here).



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