VarmX, a biotech company developing innovative approaches for the bypass of direct oral anticoagulants targeting activated factor Xa (FXa DOACs) and inherited coagulation disorders, has been awarded a follow-on equity investment of €15 million from the European Innovation Council (EIC) Accelerator.
Sichon Shutterstock
The funds received from the investment will be used for the further development of its lead compound, VMX-C001.
VarmX has been selected by the European Innovation Council (EIC) for funding and is one of only five companies to receive follow-on equity investment through the EIC Fund, Europe’s largest deep-tech investor. This funding round was the most competitive since the launch of the EIC Accelerator under Horizon Europe. The EIC Accelerator provides startups and SMEs with financial support, including grants and equity investments, along with access to business acceleration services, expert mentoring, and investor networks. VarmX’s selection followed a rigorous evaluation process by independent experts and an EIC jury.
By 2030, approximately 25 million patients in the US and Europe will be treated with FXa DOACs for chronic anticoagulation therapy, including stroke prevention in atrial fibrillation and the prevention of deep vein thrombosis. Each week, around 25,000 of these patients experience severe life-threatening bleeding or require emergency surgery, where the risk of bleeding poses a critical challenge, which is the issue VarmX is looking to solve with its lead program.
VMX-C001 is a modified, human, factor X protein, designed to be insensitive to FXa DOACS, effectively bypassing their anticoagulant activity and swiftly restoring the coagulation cascade. The therapy is being developed to offer significant clinical advantages, including universal dosing regardless of the specific FXa DOAC used, rapid and easy administration, compatibility with commonly anticoagulants like heparin, and crucially, no additional thrombotic risk.
The EIC funding, together with funds from an ongoing Series C financing round, will accelerate the development of VMX-C001, advancing VarmX’s mission to deliver innovative therapies for anticoagulation bypassing and improve patient outcomes by addressing the critical need for safe and effective bleeding management.
John Glasspool, CEO of VarmX, said: “Receiving follow-on investment from the EIC is testament to the quality or our company and our development program, VMX-C001. The competition was especially fierce this year, which underlines the achievement by the team. As ever, we are grateful to the EIC for choosing us again for its support and appreciate their continued commitment to helping us accelerate the development of VMX-C001. We are proud to be working on a program which has the potential to benefit patients, physicians and healthcare systems.”