Denmark-based biotechnology company NMD Pharma secures €75M in series B round funding. The financing was led by current investor Jeito Capital and includes investments from other current NMD Pharma investors: Novo Holdings, Lundbeckfonden BioCapital, INKEF Capital, and the Roche Venture Fund.
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NMD Pharma is developing first-in-class small molecule inhibitors of the skeletal muscle specific chloride ion channel (ClC-1) to enhance neuromuscular transmission with the potential to restore muscle function in a range of rare neuromuscular diseases.
Proceeds from the financing will be used to complete three Phase 2 studies with NMD670, the Company’s lead ClC-1 inhibitor. The three studies will evaluate the novel mechanism of ClC-1 inhibition in AChR and MuSK antibody positive myasthenia gravis, spinal muscular atrophy, and Charcot-Marie-Tooth disease, respectively.
Furthermore, NMD Pharma will continue to expand its pipeline of ClC-1 inhibitor molecules and pursue undisclosed targets for the treatment of other neuromuscular diseases.
The new funds will also be used to expand NMD Pharma’s clinical and commercial operations in Denmark and in the US.
Thomas Holm Pedersen, Chief Executive Officer of NMD Pharma said, “This funding will help NMD Pharma evolve significantly and enable us to become a late-stage clinical company with a pipeline of novel therapeutics in development for patients with neuromuscular diseases, I would like to extend my thanks to my team for their work making NMD Pharma the company it is today and for the support and trust shown by our investors, and in particular to Jeito Capital, for leading this round.”
Mike Heffernan, Chairman of the Board at NMD Pharma said, “NMD Pharma has progressed its pipeline of first-in-class CIC-1 inhibitors from the laboratory to the clinic in several severe neuromuscular diseases. This financing round will be pivotal for the Company as we aim to deliver the next phase of growth to become a late-stage clinical company, supported by this new capital and expert investors who know us well and are experienced in building shareholder value.”
Sabine Dandiguian, Managing Partner at lead investor Jeito Capital, added: “Since we originally looked at NMD Pharma we have been impressed with the Company’s unique expertise in a very specialized area. The Company has matured and grown significantly since our initial investment last year and the recent positive clinical data has provided valuable validation. As such, we are very pleased to lead this new round and look forward to supporting Thomas Holm Pedersen, the CEO, and his talented team as they progress the NMD Pharma story to the next chapter with a joint ambition: provide patients with life transforming benefits.”
About NMD Pharma
NMD Pharma A/S is a clinical-stage biotech company developing a first-in-class platform of small molecule therapies selectively targeting the skeletal muscle chloride ion channel (ClC-1) for the treatment of severe neuromuscular disorders. The Company was incorporated as a spin-off from Aarhus University.