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

Minoryx Therapeutics, 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.

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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.

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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.

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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.”

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(Featured image by National Cancer Institute via Unsplash)

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

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Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.