Forendo Pharma, a Turku and Oulu, Finland-based clinical stage drug development company focusing on novel treatments in women’s health, raised an additional €4m of funding.
Vesalius Biocapital III Partners made the investment, which is in addition to the €12m Series A financing in 2014 and €5.7m R&D loans granted by Business Finland since 2014. Vesalius III joined the existing international investor syndicate comprising:
– Novo Seeds,
– Karolinska Development,
– Novartis Venture Fund,
– M Ventures and
In conjunction with the funding, Stéphane Verdood, Managing Partner from Vesalius III, joined Forendo Pharma’s Board of Directors.
The company intends to use the funds to accelerate the development of its innovative women’s health portfolio.
Led by Risto Lammintausta, CEO, Forendo Pharma is a drug development company, with core competences in modulating tissue specific hormone mechanisms. The company’s pipeline includes:
– HSD17B1 inhibitor (phase I) for the treatment of endometriosis;
– dual HSD inhibitors (discovery) for the treatment of broader gynecological conditions; and
– Fispemifene (phase 2), a novel SERM for the treatment of male urological conditions.
Forendo also announced that its lead program FOR-6219, a HSD17B1 inhibitor for the treatment of endometriosis, has commenced a Phase Ia study focusing on safety, tolerability and pharmacokinetics. FOR-6219 is a novel, oral, tissue-specific treatment for endometriosis, which is expected to have no impact on systemic hormone levels. The company’s second program, a dual HSD inhibitor for the treatment of broader gynecological conditions, is currently in preclinical discovery.