Creabilis bags financing
Luxembourg - For its tiny size, Luxembourg attracts a disproportionally huge amount of venture capital. Creabilis SA has raised €15m in a Series B funding round led by Abbott Biotech Ventures. "In Abbott, we have added another leading life science investor into the Company", said CEO Eliot Forster. "This new funding reflects the medical importance and significant commercial potential of our drugs pipeline." Existing investors Neomed and Sofinnova Partners, as well as private Italian investors, joined the round. The new funds will be used to finance the development of the company´s candidates in dermatology, inflammation and pain. The focus is on the lead product CT327, which is at the end of phase II CT327 is a novel topically applied TrkA kinase inhibitor developed using Creabilis´ Low Systemic Exposure (LSE) technology. CT327 was tested in two Phase IIa studies, in both psoriasis and atopic dermatitis. CT327 is also in development for the treatment of pain.
The company´s pipeline also includes CT637 for the treatment of inflammatory and autoimmune conditions and CT340, a TrkA kinase inhibitor that has therapeutic potential in inflammatory conditions.
CT637 and CT340 are anticipated to reach Investigational New Drug application (IND) stage of development in early 2012.