Biotech completes financing round to advance neuromuscular treatments
A financing round worth €38 million has been completed by biotech company, NMD Pharma, to advance the treatments of neuromuscular disorders.
The financing round was led by a new investor, INKEF Capital, together with new investor Roche Venture Fund and existing investors Novo Seeds and Lundbeckfonden Emerge. Funds raised in the round will enable the development of two programmes through proof-of-concept targeting orphan neuromuscular disorders as well as a critical care indications characterised by muscle weakness as a result of neuromuscular transmission deficits.
“We are extremely pleased with the commitment of the strong investor syndicate for the series A and now look forward to accelerate the development of the two programmes,” revealed NMD Pharma CEO Thomas Holm Pedersen. “The investment is based on a solid data package obtained during the Seed investment periods. This was obtained through the very hard work by the whole NMD Team. Our company and this new investment is in my view a prime example of how basic research can transform into a well-functioning Biotech company provided that the right support can be raised.”
NMD Pharma is developing proprietary, small molecule inhibitors of the muscle specific chloride ion channel — the ClC-1 ion channel. It has been demonstrated by the company’s research team that CIC-1 inhibition can strengthen neuromuscular transmission and ultimately skeletal muscle function in both fast and slow-twitch muscle fibres. This unique approach has demonstrated impressive data in a number of orphan neuromuscular diseases and as an effective and safe treatment for muscle weakness in critical care indications.
“We have been very impressed by NMD’s depth of expertise on ClC-1 in skeletal muscle function, their unique electrophysiological screening pipeline to identify novel ClC-1 inhibitors, and the effectiveness of their development strategy, as complemented by leading clinical research groups in the Netherlands,” asserted Lucas de Breed, director at INKEF Capital. “We believe that with this funding round, NMD is well positioned to demonstrate significant impact on the unmet need of patients suffering from neuromuscular diseases and address other clinical opportunities to regain muscle strength.”
“Muscle weakness due to neuromuscular transmission defects is a core symptom severely impacting morbidity and mortality across a wide range of neurological disorders,” added Morten Graugaard Døssing, Principal at Novo Seeds. “There is a continued high unmet medical need due to lack of effective treatments and we are pleased bringing these first in class therapies towards patients.”
“NMD Pharma is based on cutting edge electrophysiology science combined with deep knowledge in motor neuron diseases. Based on the seed financing provided, the company has successfully matured its drug development programmes and the current series A investment reflects this fact,” said managing partner, Christian Elling, Lundbeckfonden Emerge. “We welcome the new investors in the company and look forward to continue collaborating with the team and helping them grow the company to address important unmet needs of patients with motor neuron disease.”