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16 May 2018

Polyneuron concludes $3.1m round

Eva Basel and Zürcher Kantonalbank have contributed to the close of a $3.1m round for Polyneuron, which will use the money to advance its lead candidate into the clinic.

Author: Thierry Heles, editor

Polyneuron Pharmaceuticals, a Switzerland-based autoimmune diseases treatment developer spun out from University of Basel, closed a Sfr3.1m ($3.1m) funding round on Monday led by life sciences investment firm Eva Basel.

Financial services firm Zürcher Kantonalbank (ZKB) and unnamed private investors also participated in the second close, which followed Eva Basel, ZKB and private investors committing $3m in 2016.

Founded in 2014, Polyneuron Pharmaceuticals is working on therapies for autoimmune diseases using a platform called Antibody-Catch that designs drugs for autoantibodies, an antibody that is produced by the immune system and attacks the person’s own proteins.

Drugs created through Antibody-Catch work by acting as a decoy for autoantibodies, making it possible to sequester and eliminate them from the body.

Polyneuron will use the cash to advance its lead candidate, PN-1007, into clinical development. PN-1007 is aimed at anti-MAG neuropathy, a rare condition that causes the immune system to specifically attack the cells responsible for maintaining a healthy nervous system.

The capital will also allow Polyneuron to advance additional applications of Antibody-Catch.

Ruben Herrendorff, chief executive and co-founder of Polyneuron, said: “Since the initial seed financing tranche, we have met several key milestones, such as delivering preclinical proof of principle with PN-1007, concluding a key licensing agreement with University of Basel and expanding the team, including the appointments of Gerhard Müller as chairman and Michael Wacker as chief business officer.

“We believe there is great potential in our approach to treating devastating autoimmune diseases of the nervous system where the pathological role of anti-carbohydrate autoantibodies is well established and will shortly begin the next round of fundraising to advance key assets to clinical proof of principle.”

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