Advicenne, a Nimes, France, late-stage biopharmaceutical company, closed €16m (approx. $17.2m) financing round.
The round was led by Irdi Soridec Gestion, Cemag Invest and MI Care with participation from existing investors InnoBio (Bpifrance) and IXO Private Equity and private individuals.
Led by Dr Luc-André Granier, CEO, Advicenne focuses on the development of paediatric friendly therapeutics for the treatment of orphan renal and neurological diseases.
The company plans to use the funds to advance its late-stage pipeline in nephrology and neurology, including:
– The completion of the Phase III development of ADV7103, which is targeting a renal tubulopathy, an orphan indication. ADV7103 is currently in a pivotal phase III trial in Europe. The Company expects to announce the results of this study during summer 2017;
– The development of ADV7103 in a second indication targeting another renal disease in Europe;
– The registration of ADV6209, a paediatric anaesthesiology product outlicensed to Primex Pharmaceuticals in 2016.