Funds for autoimmune pipeline
01.10.2015 - Autoimmune disease specialist Apitope has raised €12m in a Series B financing round and is relocating its UK headquarters to Wales.
The drug development company has won a new investor with the Wales Life Sciences Fund, but existing investors Vesalius Biocapital from Luxembourg, Brussels-based PMV, Wyvern and LRM and others also participated in the round. With the financing, Apitope is moving closer to Wales. The UK headquarters of the British-Belgian company will be relocated to Wales, and Brenig Preest of the Wales Life Sciences Fund will join the board.
Apitope will use the new funds to further the clinical development of its pipeline, which includes therapies for Factor VIII intolerance in Haemophilia A patients and Graves’ disease. The biotech’s lead product candidate, ATX-F8-117, treats or prevents the development of Factor VIII inhibitor antibodies in Haemophilia A patients.
“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,” said Keith Martin, CEO of Apitope. “The funds will also enable us to progress our candidate for the treatment of Graves’ disease which impacts over 7.5 Million people worldwide.”
Apitope was set up with initial funding from the Richard Daniels Family and subsequently support from the Wellcome Trust, Sulis Seedcorn Fund (now Wyvern) and the University of Bristol. In 2008, it raised €10m from LRM, Vesalius Biocapital, Vinnoff and UHasselt. Additional funding was provided by Fast Forward LLC, an organisation founded by the National MS Society, to accelerate promising research discoveries into the development pipeline.