GeNeuro raises EUR 6M private placement to support its preclinical research and development of treatments for neurodegenerative diseases for Post-COVID patients

GeNeuro, a Geneva-based biopharmaceutical startup, is developing safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis, by neutralizing causal factors encoded by HERVs, which represent 8% of human DNA. The new funds will provide them sufficient time to facilitate Phase 3 planning and partnering discussions following the results from their Phase 2 clinical trial of temelimab in multiple sclerosis patients with disability progression.

GeNeuro, which has R&D facilities in Lyon, France, has rights to 17 patent families protecting its technology. The company announced the successful completion of a EUR 6M capital increase with the cancellation of the preferential subscription rights through an international private placement only to certain qualified and institutional investors of 1,730,458 new ordinary bearer shares of GeNeuro with a par value of CHF 0.05 each (the “New Shares” and the "Offering", respectively). The New Shares have been offered for EUR 3.48 each, including nominal value and issue premium (the “Subscription Price”). Bryan, Garnier & Co acted as sole global coordinator and sole book-runner of the Offering.

The company intends to use the net proceeds of the Offering primarily to fund its operations and extend its financial visibility until the end of 2022 to facilitate Phase 3 planning and partnering discussions for temelimab. It will also support continuing preclinical research on the potential of temelimab for PostCOVID patients with neuropsychiatric affections, notably through the partnerships with CIRI and Fondation FondaMental.

“These funds will support continuing preclinical research on the potential of temelimab for Post-COVID patients with neuropsychiatric affections, notably through the partnerships with the CIRI (International Center for Infectiology Research, France) and Fondation FondaMental, which we announced on July 5, that seek to speed development of diagnostic and therapeutic solutions,” said Jesús Martin-Garcia, CEO of GeNeuro.

GeNeuro participated in the TOP 100 Swiss Startup Award in 2011.