Orphazyme ApS Complete EUR 14M Financing Round
Orphazyme ApS today announced the successful completion of a EUR 14M financing round. Two new investors, LSP and the ALS Investment Fund joins the investor syndicate comprising Kurma Partners, Idinvest Partners, Novo A/S, Sunstone Capital and Aescap Venture.
CEO Anders Hinsby said: “We are very pleased to welcome LSP and the ALS Investment Fund to our group of investors. The additional funding gives us the opportunity to develop our lead programme, arimoclomol, in additional indications, such as Gaucher disease. We see a great potential for arimoclomol, highlighted by the recently reported successful Phase 1/2 trials in two protein misfolding diseases: SOD1-ALS and sporadic Inclusion Body Myositis. Our focus is now to conduct the next trials to move arimoclomol expediently towards registration in these debilitating diseases”
Orphazyme is developing therapeutics for lysosomal storage- and protein misfolding diseases. Arimoclomol is in Phase 3 development for the treatment of Niemann-Pick disease type C. The current financing will support clinical development in two additional protein misfolding diseases: Gaucher disease, a lysosomal storage disease, and sporadic Inclusion Body Myositis, a currently untreatable progressive muscle wasting disease in people over the age of 50.
LSP Managing Partner Martijn Kleijwegt was, following the transaction, elected to the Board of Directors.
Martijn Kleijwegt said: ”LSP shares Orphazyme’s passion for tackling orphan diseases with a high unmet need. I look forward to joining the Board of Directors at a time when the company is pushing the boundaries and bringing its technology to a wider range of diseases that have devastating consequences for the sufferers and their loved ones.”
About Orphazyme ApS
Orphazyme ApS is a Danish biotech company that develops paradigm-changing medicines for the treatment of protein misfolding diseases with well-characterised mechanisms of disease. The lead programme is in development as a treatment for the lysosomal storage disease Niemann-Pick disease type C. This is one of a family ~50 debilitating genetic disorders that often affect children, most of whom are currently untreatable.
Source: Orphazyme Press Release