Polyneuron extends Series A to CHF 36.5 million by raising an additional CHF 14 million to advance its lead product candidate

16.09.2020 09:30, Isabelle Mitchell

Basel-based Polyneuron will use the proceeds to advance its lead product candidate PN-1007, a potential treatment for anti-MAG neuropathy, a serious nervous system disease with a high unmet medical need, through Phase I/IIa clinical development.

Polyneuron was a Venture Kick winner and a Venture Leader in 2015 and was one of the TOP 100 Swiss startups for five consecutive years (2015-2019). Polyneuron is also among the 25 most promising scale-ups 2020. 

The biotech startup, a clinical-stage developer of a new class of antigen-specific polymers for the treatment of patients with serious autoimmune diseases, announced a CHF 14 million extension of the Series A, bringing the total to CHF 36.5 million. HBM Healthcare Investments has joined the consortium of investors in the Series A, led by Sofinnova Partners, and which included New Enterprise Associates (NEA) and other private investors. 

Polyneuron will use the proceeds to advance its lead product candidate PN-1007, a potential treatment for anti-MAG neuropathy, a serious nervous system disease with a high unmet medical need, through Phase I/IIa clinical development. Clinical studies with PN-1007 in patients are scheduled to begin before the end of 2020. The funding will also progress a second program, PN-1018, to the clinical trial application (CTA) approval stage. PN-1018 is being studied in Guillain-Barré Syndrome and Multifocal Motor Neuropathy. Polyneuron will also use the proceeds to accelerate preclinical development of its Antibody-Catch™ product portfolio in new indications, with a focus on antibody-mediated renal and hematological diseases.

“The interest from investors since the first closing has been phenomenal, so we decided to extend the Series A. We would like to welcome HBM Healthcare Investments to the consortium as part of that extension,” said Ruben Herrendorff, Ph.D., CEO and co-founder of Polyneuron. “The additional funds will enable us to take PN-1007 through Phase IIa and bring a second program, PN-1018, to the clinic, a great achievement for the whole Polyneuron team!” 
(Picture: Polyneuron Pharmaceuticals' CEO RubenHerrendorf ©Tina Sturzenegger)

Concurrent with the financing Dr. Emil Bujak from HBM Healthcare Investments has been appointed to the Board of Directors. “Polyneuron’s approach, using antigen-specific polymers to target and eliminate the pathological antibodies causing serious autoimmune diseases with a high unmet medical need, is unique and one we believe could resonate well in these difficult to treat diseases,” said Dr. Bujak.