Synendos Therapeutics expands Series A to CHF 24 million with new investment

21.04.2021 08:32, Isabelle Mitchell

Synendos Therapeutics (Synendos), a biopharmaceutical company focused on restoring the natural functioning of the endocannabinoid system to treat Central Nervous System (CNS) disorders, extended its Series A financing with the addition of Ysios Capital to its syndicate of European investors. Ysios Capital’s contribution brings the total raised to CHF 24 million, following a Series A financing co-led by Kurma Partners and Sunstone Life Science Ventures announced in November 2020. This investment will be used to complete pre-clinical development and progress the lead candidate through proof-of-concept clinical studies. In 2019, the Basel-based startup was a Venture Kick winner and a Venture Leader Life Sciences

Synendos is developing first-in-class inhibitors that modulate a newly identified drug target in the body’s endocannabinoid system, a key neuromodulator system in the CNS, enabling restoration of endogenous cannabinoid levels that are suppressed in certain pathological conditions. Proceeds from the financing will be used to complete pre-clinical development and advance Synendos’ lead drug candidate through safety and proof-of-concept clinical studies in relevant and well-defined disease indications.

Synendos has also secured a two-year grant from the Eurostars funding program (EU funding scheme), named EndoCARE, to work as part of a group of four corporations and one academic institution. EndoCARE aims to expand proof-of-mechanism pre-clinical studies of the first effective and safe pharmacotherapy to treat post-traumatic stress disorder (PTSD) through the restoration of endocannabinoid homeostasis. EndoCARE also aims to explore potential biomarkers for early clinical studies. Furthermore, Synendos announces the appointment of Professor Jutta Heim as Chair to the Board.

Dr. Andrea Chicca, co-founder and CEO of Synendos Therapeutics, commented: “As we continue to make promising progress at Synendos, we are very pleased to announce this series of positive developments, which reflects a recognition of the potential our innovative approach presents in addressing unmet needs in CNS treatment.
“We are very pleased to both welcome Ysios Capital to our investment syndicate and to have Jutta as Chair. Their expertise will be invaluable as we target the development of a novel drug technology to address CNS disorders. We are also excited to have been chosen by a prestigious EU funding scheme for a pioneering R&D collaboration alongside top-quality private and academic partners.
“Looking ahead, Synendos is on track to start IND enabling studies this year as we work towards reaching a clinical inflection point in the development of novel drug technology to help combat anxiety, mood, and stress-related disorders.”

Synendos was a Venture Kick winner and a Venture Leader Life Sciences in 2019.