Investors see great potential in Polyneuron
The Basel-based company Polyneuron Pharmaceuticals extended its Series A funding round and has now raised a total of 36.5 million Swiss francs. Investors also helped the company be included on a list of the 25 most promising Swiss startups that are older than five years.
Polyneuron Pharmaceuticals has concluded the extension of its Series A financing round. With further investment of 14 million francs, the startup has therefore raised a total of 36.5 million francs, as was reported in a press release. A new addition to the consortium of investors was the Swiss investment firm HBM Healthcare Investments. Existing investors include the French venture capital firm Sofinnova Partners, the U.S. venture capital firm New Enterprise Associates and other private investors.
Polyneuron will use the proceeds to advance its lead product candidate, PN-1007. This was developed as a treatment for anti-MAG neuropathy, an autoimmune disease. Patients with anti-MAG neuropathy predominantly suffer from sensory loss in their arms and legs, neuropathic pain and a loss of coordination that can substantially impair mobility. With progression of the disease, peripheral nerves suffer ever more damage. PN-1007 was designed to target the autoantibodies that cause the disease.
Polyneuron will also use the funding to progress a second program, PN-1018. This candidate is being studied for the treatment of Guillain-Barré Syndrome and Multifocal Motor Neuropathy.
In addition to concluding the financing round, Polyneuron has enjoyed another success: the company was included in a list compiled by Venturelab of the 25 most promising Swiss startups that are aged five years or more. The startup was selected by a jury of investors. According to Venturelab, these 25 companies represent the future of Swiss unicorns, startup companies with a value of more than US$ 1 billion.