InnoBio, a biotech fund managed by CDC Entreprises, and Sofinnova Partners have announced a joint investment in MedDay for 8 million euros ($10.5 million). Created in 2011 by Dr Frédéric Sedel and Dr Guillaume Brion, MedDay is specialised in the treatment of neuro-metabolic diseases.
InnoBio, a biotech fund managed by CDC Entreprises, which is part of the soon to be created BPIFrance, and Sofinnova Partners, a leading venture capital firm in Europe specialised in life sciences, announce a joint investment in MedDay for a total amount of 8 million euros.
Created in 2011 by Dr Frédéric Sedel and Dr Guillaume Brion, MedDay is specialised in the treatment of neuro-metabolic diseases. This investment will finance the development of three compounds all the way through to 2016, including the phase IIb/III studies for a progressive multiple sclerosis treatment stemming from the Assistance Publique des Hôpitaux de Paris. It will also finance the development of an R&D platform in partnership with the Metabolomics Team at the Institute for Biology and Technology, Commissariat à l’énergie atomique (CEA, Saclay). MedDay’s technology platform relies on the work of Dr Frédéric Sedel, a neuroscientist at La Pitié Salpêtrière Hospital (Paris), who has been carrying out pioneering research in neurology to identify rare hereditary metabolic diseases in adults for more than a decade. Dr Frédéric Sedel’s research has led to the identification of new treatments and diagnostic tools for diseases in a field where few treatments, if any, are available. These discoveries are expected to be applicable more broadly in the area of neuropsychiatric diseases. The company is currently incubated at l’Institut du Cerveau et de la Moelle épinière in Paris (ICM).
Rafaèle Tordjman, Managing Partner at Sofinnova Partners says: “We are thrilled to contribute to MedDay’s development and help further Dr Frédéric Sedel’s research. His metabolic approach to neurologic diseases is radically new and will allow for the development of ground breaking solutions in a field which still suffers from significant unmet need”.
Chahra Louafi, Investment Director at CDC Entreprises says: “We are convinced that MedDay will confirm the fantastic growth potential we can already foresee through the promising initial results observed in patients”.
Dr Frédéric Sedel and Dr Guillaume Brion, co-founders of MedDay, add: “We are delighted to welcome Sofinnova Partners and InnoBio as shareholders. Their experience and commitment will allow us to further the development of our technology platform and products”.
MedDay’s fundraising will finance the phase IIb/III clinical trial of a treatment for progressive multiple sclerosis, MD 1003. Two other proprietary compounds will also benefit from this investment: MD 1103 targeting a subgroup of resistant psychoses and MD 1105 targeting Alzheimer’s disease. The first two compounds have already proven their efficacy and tolerability in small patient groups. By choosing MedDay, CDC Entreprises illustrates InnoBio’s strategy, which consists of supporting innovation within promising start ups and fostering the development of their products in fast growing and new markets. With MedDay, Sofinnova Partners deploys a key component of its investment strategy which focuses on funding entrepreneurs who are developing disruptive technologies or products in the biopharmaceutical, medical devices and industrial biotechnology fields.