Minoryx Therapeutics Raises 51M to Complete Commercialization of its CNS drug

Minoryx Therapeutics closes one of the most important rounds in the history of the Spanish biotech sector. The company specializing in the development of treatments for rare diseases of the Central Nervous System (CNS) has raised $54.8 million (€51 million) from a new capital increase (Series C) and complementary bank debt.

The round is co-led by Columbus Venture Partners and Caixa Capital Risc. Damià Tormo, representing the first fund, will join the board of directors of Minoryx Therapeutics. The Center for the Development of Industrial Technology (Cdti), through its Innvierte program, has also participated in the round.

The company will use the funds to finance the marketing authorization application and prepare for the launch of leriglitazone for adult males with adrenomyeloneuropathy (AMN), the most common phenotype of X-linked adrenoleukodystrophy (x-ALD) in the European Union (EU).

x-ALD is an inherited neurodegenerative disease that is considered to be a minority or rare. The most common form is chronic and very debilitating NMA, affecting both adult males and females. There is currently no approved treatment for patients with this condition. In males, aggressive brain swelling occurs, leading to permanent disability and ultimately death within two to four years.

Born2Invest mobile application is bringing all the biotech and business news from trusted sources to a single screen so you can stay on top of the market. The application is aggregating the most important and breaking news from relevant websites, the list is always revised and updated with new resources. 

Minoryx Therapeutics will add Damià Tormo to the board of directors

The company, based in Mataró (Barcelona), will also finance the activities necessary to be able to proceed with the approval of leriglitazone in the United States for the same indication. Minoryx Therapeutics is currently in discussions with the Food and Drug Administration (FDA) to define the steps required for approval in the United States.

The funding will also be used to continue the development of leriglitazone in pediatric patients with cerebral ALD (cALD), as well as the expansion of treatment for women affected by x-ALD. The drug reduced the progression of brain lesions and symptoms of myelopathy, the company said in a statement.

“The round will allow us to move full speed ahead towards the approval and commercialization of leriglitazone for x-ALD, a very serious minority disease for which there is a large unmet medical need,” explained Marc Martinell, CEO of Minoryx Therapeutics. For his part, Tormo stressed that the aim is to support the development of what could be “the first approved treatment for the most prevalent form of x-ALD.”

__

(Featured image by National Cancer Institute via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.