Mataró, Barcelona, Spain, September 26, 2018– Minoryx Therapeutics, a company specializing in the development of new drugs for orphan diseases, today announces the completion of a Series B funding round of €21.3M. The proceeds will enable the company to expand the list of indications for its lead compound, MIN-102, as well as to conduct a new clinical trial for a second orphan central nervous system (CNS) indication.
The funding round was led by Fund+, joined by SFPI, S.R.I.W. and Sambrinvest, in addition to all Series A investors (Ysios Capital, Kurma Partners, Roche Venture Fund, Idinvest Partners, Chiesi Ventures, Caixa Capital Risc and HealthEquity).
MIN-102 is a novel, orally bioavailable and selective PPAR gamma agonist with a superior profile for central nervous system-related diseases. It is currently in a phase 2/3 clinical trial for the treatment of adrenomyeloneuropathy (AMN). The trial enrolls adult male patients affected by AMN, the most frequent phenotype of X-linked adrenoleukodystrophy (X-ALD), in Europe and the US, with results expected in 2020.
“The proceeds of the round will allow the company to demonstrate the potential of MIN-102 in new indications,” said Marc Martinell, co-founder and CEO of Minoryx. “These indications for MIN-102 include neuroinflammatory conditions such as cerebral ALD (cALD) as well as multiple neurodegenerative diseases.”
Following this Series B funding round, two new members will join the Board of Directors of Minoryx: Philippe Monteyne and Gery Lefebvre, representing Fund+ and S.R.I.W., respectively.
“On behalf of the board of directors, it is my great pleasure to welcome Philippe Monteyne and Gery Lefebvre, whose expertise and experience will be a valuable addition to the board as the company progresses its ambitious development plans over the next 18-24 months”, said Khalid Islam, chairman of the board of directors at Minoryx Therapeutics.
“Minoryx Therapeutics is a very promising company, at the leading edge of innovation in the field of rare diseases of genetic origin with a high unmet medical need”, said Philippe Monteyne. “Its unique approach convinced us of the value of its activities in the development of therapies that have the potential to become a world standard in multiple Central Nervous System indications.”
“We look forward to the next stages of development of Minoryx’s programs, supported here by the financial investment of Belgian players like Fund+, SFPI, S.R.I.W. and Sambrinvest”, said Gery Lefebvre. “We are very pleased to reinforce the link between Spain and Belgium, in particular with the Walloon ecosystem of the Charleroi Brussels South Biopark.”