EryDel, a Milan, Italy-based biotech company, raised €26.5M in financing.
The round was led by Sofinnova Partners with participation from existing shareholder Genextra SpA and Innogest SGR.
The company intends to use the funds to boost its international development and to complete the ATTEST trial – a registrational Phase III clinical trial currently enrolling in Europe, Asia, Australia and in the United States.
Led by Luca Benatti, CEO, EryDel develops an innovative red-blood-cell-based drug delivery device for the treatment of rare neurodegenerative diseases. Its proprietary technology is based on the encapsulation of drugs into red cells taken from the patient’s own blood which are then re-infused into the patient.
The lead product, EryDex, has received Orphan Drug designation both from the FDA and the EMA for the treatment of Ataxia Telangiectasia (AT), a rare autosomal recessive disorder for which there is currently no established therapy.