Polyneuron Pharmaceuticals, a BaseLaunch participant, has successfully raised over 3 million Swiss francs in a financing round. The Basel-based pharmaceutical company is developing an active substance for the treatment of the autoimmune disease anti-MAG neuropathy, among others.
Polyneuron Pharmaceuticals has announced the closing of a 3.1 million Swiss franc financing round. The financing was led by EVA Basel, which specializes in supporting startups, and included the Zürcher Kantonalbank and private investors.
Basel-based pharmaceutical company
The Basel-based pharmaceutical company will use the proceeds to advance its lead candidate, PN-1007, to clinical development for the treatment of the autoimmune disease anti-MAG neuropathy. It will also advance its Antibody-Catch technology platform. This platform enables the development of drugs that eliminate autoimmune-disease causing autoantibodies, while leaving the immune system intact.
Since the initial seed financing tranche, the company has met several key milestones, said CEO Ruben Herrendorff. For instance:
- it delivered a preclinical proof of principle with PN-1007
- concluded a key licensing agreement with the University of Basel
- expanded its team
Especially relevent, the team expansion includs the appointment of Gerhard Müller as Chairman and Michael Wacker as Chief Business Officer. Wacker is the co-founder, Chief Scientific Officer and member of the board of directors of the Schlieren-based company GlycoVaxyn, which was acquired by the UK’s GlaxoSmithKline in 2015.
Polyneuron Pharmaceuticals was founded in 2014 as a spin-off of the University of Basel and is headquartered in the startup centre Basel Inkubator.
Content credits go to BaselArea.swiss
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