Complement Therapeutics Secures €72 Million in Series A Financing to Advance Novel Therapies Targeting Complement-Mediated Diseases
Complement Therapeutics, a preclinical stage biotechnology company developing novel therapeutics for complement mediated diseases, has announced the completion of a €72 million Series A financing. The round was led by Gimv, a Belgian-based private equity and venture capital fund, co-led by Forbion as existing investor and further joined by BioGeneration Ventures (BGV), Panakès Partners, Cambridge Innovation Capital (CIC), Hadean Ventures and Seroba Life Sciences.
With this new round of financing, CTx will continue the development and complete a Phase Ib clinical proof of concept of its lead product CTx001. CTx001 is a highly innovative AAV gene therapy for the treatment of Geograpic Atrophy (GA) secondary to dry age-related macular degeneration (dry-AMD). Additionally, proceeds from this financing will be deployed to grow its laboratory-based activities in Stevenage (UK), evaluate CTx’s pipeline assets for non-ocular indications as well as further develop the novel Complement Precision Medicine (CPM) platform.
Complement Therapeutics was spun out of the University of Manchester with initial funding from BGV in 2021 and subsequently received €5 million seed financing in February 2022 from Forbion and BGV. With that funding, CTx has advanced CTx001 through preclinical proof-of-concept, secured an Innovation Passport by the Medicines and Healthcare products Regulatory Agency (MHRA) and initiated a non-interventional natural history study in the UK (i-GAIN). The i-GAIN study results will help support the clinical development planning for CTx001.
“With a potentially highly differentiated lead asset combined with a precision medicine approach, we are excited by the opportunity to further develop CTx001 for the treatment of GA through to the clinic,” said Dr Rafiq Hasan, CEO and Managing Director at Complement Therapeutics GmbH. “The support of this broad syndicate enables us to generate additional data demonstrating CTx001’s unique and differentiated mechanism of action, with the potential to transform the treatment landscape in geographic atrophy.”
The recent FDA approval of the first intravitreal treatment for GA is a significant milestone for GA patients and the retina community, and further validates the critical role that the complement system plays in the development and progression of GA whilst highlighting the importance of targeting complement as a therapeutic strategy. CTx001 gene therapy with its novel mechanism of action has the potential to provide superior efficacy compared to competitive drugs and to lower the burden of treatment among patients through a “one and done” approach and thereby transforming the treatment landscape in GA.
Michaël Vlemmix, Principal in the Life Sciences platform of Gimv said: “We are proud to have been able to build this syndicate and look forward to supporting Complement Therapeutics in its next phase of development. The company and its team combine deep research insights, strong industry background, and a robust understanding of complement-mediated conditions, in particular GA secondary to AMD. These strengths, coupled with a focus on addressing the significant unmet need in GA, positions the company to change the way the disease is addressed and potentially achieve meaningful therapeutic impact.”
“We are delighted with the rapid progress made by Complement Therapeutics in the last 12 months. Patients impacted by complement-mediated diseases often have to cope with debilitating symptoms throughout their lifetime and this can lead to a significant burden on them and their families. We look forward to supporting the Company as it drives forward a pipeline of novel assets addressing these unmet needs in complement-mediated diseases,” said Dr Dmitrij Hristodorov, Partner, Forbion.
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