Highlighting the growing role of corporate venture groups in the biotech arena, Abbott Biotech Ventures stepped in to lead a $20 million round for Creabilis, a Luxembourg-based developer with an ambitious set of experimental drugs in the pipeline for pain, inflammation and dermatology. That's enough money to buy the rest of the runway through mid-stage tests of its lead drug: CT327, which has passed Phase IIa in psoriasis and atopic dermatitis and is headed into proof-of-concept studies for pain.
Neomed and Sofinnova Partners came back to invest in the second round, along with some unnamed Italian investors. They're backing a pipeline that includes CT637, which is billed as "a new approach to the treatment of significant inflammatory and autoimmune conditions," and CT340, a TrkA kinase inhibitor under the microscope for inflammatory conditions. Both programs are slated for IND status early next year.
Creabilis's development work relies heavily on what it has dubbed "Low Systemic Exposure" tech, which mixes molecules with low molecular weight polyoxyethylene, giving them a fresh set of pharmacological traits.
"In Abbott Biotech Ventures, we have added another leading life science investor into the company," says CEO Eliot Forster. "Their involvement, and the ongoing support of our existing investors, demonstrates their confidence in the company and in our ability to drive our projects forward."
- here's the Creabilis release