Apitope, the drug discovery and development company focused on treating the underlying cause of autoimmune diseases, today announces it has successfully raised €12 million in a Series B financing. The round was led by new investor Wales Life Sciences Fund. Current investors Vesalius Biocapital, LRM, PMV and Wyvern also participated in the round. Existing shareholders include the Wellcome Trust. Brenig Preest, Wales Life Sciences Fund, will join the Apitope board.
The funds will enable Apitope to progress the clinical development of its innovative pipeline which includes therapies for Factor VIII intolerance in Haemophilia A patients and Graves' disease. Apitope will relocate its UK headquarters to Wales.
Apitope, whose first product candidate is licensed to Merck Serono, will now progress its remaining portfolio of product candidates developed with its proprietary platform technology.
Apitope's lead product candidate, ATX-F8-117, has recently received orphan designations in both Europe and USA and targets Haemophillia A. This potential front line therapy for patients with Factor VIII inhibitors is thought to be of huge strategic value with the prospective to replace current therapies in a $4 billion plus market.
Dr Keith Martin, CEO of Apitope, commented: "We are very pleased to have attracted investment from the Wales Life Sciences Fund and appreciate the commitment of our existing investors and their ongoing support. The funding will enable us to progress development of our product ATX-F8-117, which received Orphan Drug Designation from both the US FDA and the EMA highlighting the need for an effective treatment for Haemophilia A patients developing Factor VIII inhibitors. The funds will also enable us to progress our candidate for the treatment of Graves' disease which impacts over 7.5 Million people worldwide."
Brenig Preest, Investment Director, Wales Life Sciences Fund and newly appointed to the Apitope board, added: "We were impressed with Apitope's growth to date and strongly believe in the company's approach in treating autoimmune diseases. I look forward to working with the highly experienced senior management team to develop treatments against autoimmune diseases with high unmet medical needs. Relocating Apitope's UK headquarters will contribute to the growing and the vibrant life sciences sector inWales."
Stéphane Verdood, Chairman of the Apitope Board, added: "We welcome the investment from the Wales Life Sciences Fund and Brenig Preest to the board. This series B funding is strong endorsement of Apitope's technology for the treatment of autoimmune diseases and its promising treatments for Factor VIII inhibitors as well as Graves' disease."
Haemophilia A is a rare chronic bleeding disorder which leads to inadequate clotting of the blood in response to any type of injury or surgery. It is a genetic disorder that causes missing or defective Factor VIII, an essential blood-clotting protein. Haemophilia A patients are normally treated with Factor VIII to help with the clotting of their blood. However, since these patients' immune systems have had no or low exposure to Factor VIII, they are often not fully tolerant to the replacement Factor VIII used to treat their condition. Consequently, up to 30 per cent of these patients develop Factor VIII inhibitor antibodies.
Graves' disease is an autoimmune disorder that affects over 7.5 Million people worldwide. Patients with Graves' disease typically develop goitre and serious medical issues such as increased heart rate, muscle weakness, disturbed sleep, and irritability. It affects multiple systems of the body, including the skin, heart, circulation and nervous system with potential long term morbidity. Some 30-50% of Graves' disease patients develop the medically challenging Graves' orbitopathy characterised by bulging eyes (proptosis), while 3-5% of such patients suffer from a sight-threatening form of Graves' orbitopathy.
Apitope is a European biotech company focused on the discovery and development of revolutionary disease modifying therapies for autoimmune and allergic diseases, including multiple sclerosis, Graves' disease, Factor VIII intolerance and uveitis.
The Company has a patented discovery platform which enables selection of disease-modifying peptide therapies for the autoimmune/allergic disease of interest; and has already generated a pipeline of seven programmes in clinical and preclinical development, of which the lead programme in multiple sclerosis is partnered with Merck Serono. The discovery engine selects Apitopes™ - Antigen Processing Independent epiTOPES. Apitopes are soluble, synthetic peptides from the human sequence which can selectively suppress abnormal immune responses and reinstate the normal immune balance. Stakeholders in the Company include Wales Life Sciences Fund, the Wellcome Trust, LRM, Vesalius Biocapital and the US MS charity, Fast Forward.
For more information on the Company, please visit: www.apitope.com
About Wales Life Sciences Fund
The Wales Life Sciences Investment Fund is a key part of the Welsh Government's Life Sciences initiative, as outlined by the Minister for Business, Enterprise, Technology and Science Edwina Hart. The Fund invests in Life Sciences and related medical, pharmaceutical and healthcare companies currently based in Wales, and also in companies from across the UK, Europe and the rest of the world, where such investment will bring meaningful developmental and economic benefit to Wales.
About Vesalius Biocapital Partners
Vesalius Biocapital Partners invests in companies active in human health through venture capital funds raised since 2007. We have contributed to developing 20 companies since inception.
With more than € 150 million under management in two funds. Vesalius Biocapital Partners plays the role of lead investor in the large majority of its financing rounds. Their companies are based in Europe allowing easy interaction with management. They invest in all stages of development and do not shy away from relatively early-stage projects with a sound proprietary technology and corresponding IP, unique team skills and a clear competitive edge based on solid data. The investment strategy is focused on three areas: therapeutics, medical devices and diagnostics
LRM is an investment company that develops and stimulates economic growth in Limburg. We provide a solid foundation, allowing companies and projects, which create jobs in Limburg, to grow. Our financial means and economic expertise, together with Limburg's key assets, create a unique breeding ground
PMV nv (ParticipatieMaatschappij Vlaanderen nv) is an independent investment company that finances promising entrepreneurs and companies from the very start through the growth and internationalization of their business. PMV invests in the sustainable economic development of Flanders, with demonstrable added value for both economy and society. The company manages a portfolio of EUR 900 million in assets, with a particular focus on life sciences, sustainable energy, cleantech and infrastructure for the future. Vinnof (Vlaams Innovatiefonds) is one of PMV's venture capital funds, dedicated to young companies with significant growth potential in the development of innovative technologies and products.