Polyneuron Pharmaceuticals closes CHF 3 Million seed financing round

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12.05.2016

Polyneuron, a spin-off of the University of Basel is committed to the development of a new drug class for the treatment of autoimmune disorders, announced it has completed a financing round raising over CHF 3 million with a group of private investors together with early investors such as EVA Basel and the Zürcher Kantonalbank.

The Basel based startup, Polyneuron, specialises in the development of carbohydrate-based drugs for the targeted treatment of autoimmune disorders affecting the nervous system. The company's technology platform Antibody-Catch enables the rational design of immunomodulatory compounds acting as molecular scavengers for disease-causing autoantibodies. The startup has closed the seed financing round with CHF 3 million from private investors, EVA Basel and ZKB.

The funding will be used to progress the further development of the company’s drug discovery platform for autoimmune diseases and the preclinical development of its lead candidate PN-1007 for the treatment of anti-MAG neuropathy, a devastating autoimmune disorder affecting the peripheral nervous system. PN-1007 selectively targets and eliminates the disease-causing autoantibodies and potentially enables a first highly specific immunotherapy for this rare disorder with a significant unmet medical need.

Dr. Ruben Herrendorff, CEO and founder of Polyneuron said: “The successful closing of our seed financing round puts us in a position to rapidly develop PN-1007 towards the clinic and to further expand our Antibody-Catch technology platform. The company team is confident that the Antibody-Catch approach carries the potential to realize breakthrough treatments for specific autoimmune conditions – for the benefit of affected patients, which nowadays can mostly only be treated with non-selective immunosuppressive agents.”

About Polyneuron Pharmaceuticals
Polyneuron Pharmaceuticals was founded as a University Basel spin-off by end of 2014. The founders are two pharmaceutical researchers, Dr. Ruben Herrendorff (CEO) and Dr. Pascal Hänggi (CSO), the medicinal chemist Prof. Beat Ernst, an expert in carbohydrate-based drug discovery, and neurologist Prof. Dr. med. Andreas J. Steck, a medical expert in autoimmune disorders of the nervous system. Currently, six postdoctoral researchers and three master students work on company R&D projects. The company is headquartered at the Basel Inkubator.

(Press Release)

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