Autifony Therapeutics, a UK based biotechnology company, extends Series A with £8M
Autifony Therapeutics Limited (“Autifony”), which is pioneering the development of novel pharmaceutical treatments for hearing disorders, today announced the closing of an £8 million extension to its Series A funding round.
Autifony was originally funded to take its lead drug, AUT00063, through to clinical proof of concept for age related hearing loss. Driven by strong preclinical data, and supportive non-dilutive funding from Innovate UK, Autifony is now also exploring the potential for the company’s novel ion channel mechanism in other
areas of high unmet medical need, such as tinnitus and schizophrenia.
Autifony previously raised over £15 million in a Series A round from SV Life Sciences, Imperial Innovations, Pfizer Venture Investments, the International Biotechnology Trust PLC (IBT), and UCL Business. All of these investors are participating in the funding round extension, reflecting the confidence generated by the company’s progress to date.
The additional funding enables Autifony to carry out further pioneering clinical trials on its novel Kv3 ion channel mechanism. This will include exploration of AUT00063 in a pilot study in patients with a cochlear implant, where preclinical data predict that Autifony’s drug may improve speech perception.
The new funding will also contribute, alongside the recent Innovate UK Biomedical Catalyst Late Stage award, to the clinical development of a second, differentiated Kv3 modulator, AUT00206, for the treatment of schizophrenia. AUT00206 is due to enter Phase I clinical trials later this year. Finally, the additional funding will also enable Autifony to carry out exploratory preclinical research on further potential indications for Kv3 ion channel modulators, in other areas of high unmet medical need.
Dr Charles Large, Chief Executive Officer of Autifony Therapeutics, commented: “Our Kv3 ion channel modulation mechanism is now starting to demonstrate the depth and breadth of its potential for treating unmet medical needs. We are delighted that all Autifony’s investors are supporting us with additional funding to build on the excellent progress that has been made to date in our hearing and schizophrenia programmes. We look forward to taking these programmes forward and to investigating further exciting opportunities.”
About Autifony Therapeutics Ltd
Autifony Therapeutics is an independent UK based biotechnology company formed in 2011 as a spin-out from GSK, which retains equity in the company. The Company is focused on the development of high value, novel medicines to treat hearing disorders. It is funded by SV Life Sciences, Imperial Innovations plc, Pfizer
Venture Investments, International Biotechnology Trust PLC, and UCL Business plc. Autifony works closely with hearing research experts at University College London’s Ear Institute, Yale University and other academic collaborators around the world to progress its pioneering research. www.autifony.com
Source: Autifony Press Release