18.04.2013 - Swiss drug developer Auris Medical has bagged €41.6m in a Series C financing.
The company has said it will use the funds to advance its two major therapeutics for the treatment of inner ear disorders, AM101 and AM111. Efficacy of esketamine (AM-101), a small molecule non-competitive blocker of the NMDA receptor, has been successfully tested in a Phase II trial on 240 patients with acute inner ear tinnitus. However, Phase IIb results will be tabled in later summer, according to the company. Peptidic JNK signalling blocker AM-111 has already shown proof-of-concept in a Phase II trial on 204 patients with acute sensineural hearing loss. Both drugs are administered by intratympanic injection with a biocompatible gel formulation.
"Having established proof of concept in Phase IIb studies, we are now ready to move forward with our clinical development plans," said Auris chief Thomas Meyer. Californian Sofinnova Ventures and Paris-based Sofinnova Partners, which participated in the current financing round added Jim Healy, General Partner at Sofinnova Ventures, and Antoine Papiernik, Managing Partner at Sofinnova Partners, to Auris Medical's Board of Directors.
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