Advicenne said March 20 that it closed a 16 million euro ($17.2 million) financing round led by IRDI SORIDEC Gestion, Cemag Invest and MI Care. Also participating were existing investors InnoBio (Bpifrance) and IXO Private Equity together with private individuals. Advicenne, of Nimes, France, a late-stage biopharmaceutical company focused on the development of paediatric friendly therapeutics for the treatment of orphan renal and neurological diseases.
Nimes, France, 20 March 2017 – Advicenne, a late-stage biopharmaceutical company focused on the development of paediatric friendly therapeutics for the treatment of orphan renal and neurological diseases, announces today that it has closed a €16 million financing round. The fundraising was led by IRDI SORIDEC Gestion, Cemag Invest and MI Care alongside existing investors InnoBio (Bpifrance) and IXO Private Equity together with private individuals.
Advicenne plans to use these funds to advance its late-stage pipeline in nephrology and neurology, including:
· The completion of the Phase III development of ADV7103, which is targeting a renal tubulopathy, an orphan indication. ADV7103 is currently in a pivotal phase III trial in Europe. The Company expects to announce the results of this study during summer 2017;
· The development of ADV7103 in a second indication targeting another renal disease in Europe;
· The registration of ADV6209, a paediatric anaesthesiology product outlicensed to Primex Pharmaceuticals in 2016.
Dr Luc-André Granier, CEO of Advicenne, states: “This financing round is designed to further develop our pipeline, particularly completing the pivotal Phase III study with ADV7103, in an orphan renal disease for which there are currently no approved treatment options. The results from this study are expected in the summer.”
Dr Granier adds: “We are very pleased to welcome IRDI SORIDEC Gestion, Cemag Invest and MI Care as new Advicenne shareholders, in addition to Bpifrance, IXO and private individuals, who have been supporting and working with us for many years.”
Jean-Michel Petit, Investment manager at IRDI SORIDEC Gestion, said: “Advicenne is a very promising company in the field of orphan diseases. Its unique approach convinced us of the value of its activities and we are delighted to be in a position to invest in Advicenne at such an important time and to provide funding alongside a syndicate of highly supportive investors. Advicenne has the potential to be a game-changing biopharma company in the area of orphan renal and neurological diseases.”
Philippe Boucheron, Deputy Chief Life Sciences Investment at Bpifrance Investissement, comments: “The investment proposition presented by Advicenne attracted our interest very early on and we decided to give it our full backing. Three elements caught our attention as we looked at Advicenne: the clear unmet medical need in the orphan diseases it is targeting, the relatively de-risked business model, and the focus and experience of the management team to advance its pipeline from R&D all the way to commercialisation.”