reMYND NV, a Leuven Belgium-based clinical stage company developing innovative treatments for Alzheimer’s, diabetes and other diseases caused by cellular dysfunction, extended its Series B financing round to €24m.
The second close of €12mi by a consortium of investors including Korys Investments, FPIM, KU Leuven, PMV, and BNP Paribas Fortis Private Equity follows an initial €12m raised in December 2018.
Proceeds from the funding will allow completion of proof-of-concept clinical trials for both the Alzheimer’s and the diabetes programs in 2022. A first-in-human trial of RES19-T for the treatment of Alzheimer’s was initiated in 2020. reMYND expects to announce the launch of a first-in-human trial in diabetes during 2021.
Founded in 2002 as a spin-off from the University of Leuven and led by Staph Leavenworth Bakali, Chairman, and Koen De Witte, Managing Director, reMYND is a clinical stage company developing novel treatments for Alzheimer’s, diabetes and other diseases caused by cellular dysfunction. It is backed by a proprietary drug discovery platform, which enables the identification of novel mechanisms-of-action, targets and first-in-class small molecules.
The most advanced program is ReS19-T, an investigational compound for the treatment of Alzheimer’s, which entered the clinic in Q4 2020. In animal models it has shown to produce an acute response, restoring synaptic plasticity, a process central in the disease cascade leading to neuronal demise and build-up of plaques and tangles.
The company is also developing a treatment for diabetes, ReS39. Animal models have demonstrated the compound’s efficacy to increase endogenous insulin production capacity with a sustained and durable effect on blood glucose levels and end-organ protection.
In addition, reMYND has a dedicated Contract Research Organization (CRO), which focuses on CNS disorders.