NMD Pharma Raises €35 Million in a new Financing
New investor Jeito Capital joins current NMD Pharma investors
Proceeds will be used to progress lead clinical programs, expand the number of target indications, and add new R&D capabilities in severe neuromuscular disorders
Aarhus, Denmark, 15 February 2022 – NMD Pharma A/S, a clinical stage biotech company developing first in class, small molecule CLC-1 inhibitors for neuromuscular disorders, today announces that it has raised €35 million in a new financing. This financing was led by Jeito Capital and includes investments from current NMD Pharma investors INKEF Capital, Novo Holdings, Roche Venture Fund and Lundbeck Foundation. Jeito Capital has joined the NMD Pharma Board with Sabine Dandiguian, Managing Partner, as a Non-Executive Director.
Proceeds from the financing will be used to support the company as it progresses its lead candidate, NMD670, through completion of the ongoing Phase 2a proof-of-concept trial in patients with Myasthenia Gravis (MG).
The new financing will further enable NMD Pharma to expand its clinical programs into several neuromuscular diseases. Observational biomarker studies in patients with spinal muscular atrophy provides compelling evidence of significant neuromuscular dysfunction and provides a solid foundation to expand the clinical program with focus on spinal muscular atrophy (1). Despite the availability of SMN restoring treatment options for SMA patients there continue to exist a significant unmet medical need for these patients.
The financing will also support expansion of NMD Pharma’s discovery pipeline against novel targets, all focusing on the treatment of neuromuscular diseases. NMD Pharma has built a strong platform and a high level of expertise specifically working on neuromuscular disease, and the new financing is another step towards building the pipeline to fully leverage these capabilities.
Thomas Holm Pedersen, Chief Executive Officer of NMD Pharma, said: “The closing of this financing round is a testament to the clear vision and ambition of NMD Pharma to become a leader in the field of neuromuscular diseases. It reflects decades of scientific work in the area and the unique potential of our people for growing our development pipeline. Furthermore, we are intrigued with the broad clinical utility of our CLC-1 inhibitor portfolio and look forward to continuing our efforts to provide treatments for patients suffering from neuromuscular diseases. We are pleased to welcome Jeito Capital with Sabine Dandiguian to our Board. Her network of industry contacts and strategic business advice will be invaluable to us as we grow and expand our business.”
Sabine Dandiguian, Managing Partner at Jeito Capital, added: “The knowledge and R&D process in the field of neuromuscular disorders is outstanding from the NMD Pharma management team. The potential of the pipeline including their lead candidate, NMD670, to treat symptoms of MG, is supported by compelling data. Jeito is proud to have contributed to this financing for NMD Pharma and I look forward to working with Thomas and his team to help support the company’s growth as it enters an exciting time in its development. Jeito is committed to investing in and working closely with companies such as NMD Pharma that are developing breakthrough treatments for patients living with diseases with high unmet needs.”
Roel Bulthuis, Managing Partner at INKEF Capital, added “This financing round is a testament to the great progress by NMD Pharma to date and represents the start of a new era for NMD Pharma and its ambition to develop new treatments for people living with neuromuscular disease globally. On behalf of the syndicate, we welcome Jeito Capital as a new investor and look forward to working closely alongside Sabine as a Board member.”
References
(1) Arnold WD, Severyn S, Zhao S, et al Persistent neuromuscular junction transmission defects in adults with spinal muscular atrophy treated with nusinersen BMJ Neurology Open 2021;3:e000164. doi: 10.1136/bmjno-2021-000164
Contacts
NMD Pharma A/S
Thomas Holm Pedersen, CEO
E-mail: contact@nmdpharma.com
Consilium Strategic Communications
Mary-Jane Elliott / Ashley Tapp / Lindsey Neville
E-mail: NMDPharma@consilium-comms.com
Tel: +44 (0)20 3709 5700
About NMD Pharma
NMD Pharma A/S, is a private biotech company leading in the development of novel first-in-class therapies for severe neuromuscular disorders. The Company was incorporated as a spin-off from Aarhus University, Denmark in 2015 and was founded on more than 15 years of muscle physiology research with a focus on regulation of skeletal muscle excitability under physical activity. NMD Pharma has built a world-leading muscle electrophysiology platform leveraging the in-depth know-how of muscle physiology and muscular disorders, small molecule modulators, enabling technologies and tools as well as in-vivo pharmacology models for discovering and developing proprietary modulators of neuromuscular function. NMD Pharma received seed financing from Novo Holdings, Lundbeckfonden Emerge and Capnova in 2016, and in 2018 raised a €38 million Series A financing, led by new investor INKEF Capital, together with new investor Roche Venture Fund and existing investors Novo Holdings and Lundbeckfonden Emerge. Find out more about us here on our website.
About NMD670
NMD670 is NMD Pharma’s lead development program. It is a first-in-class small molecule inhibitor of the muscle specific chloride ion channel, the ClC-1 ion channel. NMD Pharma has demonstrated that ClC-1 inhibition can strengthen neuromuscular transmission and ultimately skeletal muscle function and this novel treatment approach has demonstrated compelling preclinical efficacy data for myasthenia gravis (MG) and a range of other neuromuscular indications. 1 2 3
About Myasthenia Gravis (MG)
MG is a rare and chronic autoimmune disease where IgG antibodies disrupt communication between nerves and muscles causing debilitating and potentially life-threatening muscle weakness. It most commonly affects the muscles that control the eyes and eyelids, facial expressions, chewing, swallowing, and speaking but it can affect most parts of the body. More than 85% of people with MG progress to generalized MG (gMG) within 18 months and in more life-threatening cases, MG can affect the muscles responsible for breathing. Patients with confirmed acetylcholine receptor (AChR) antibodies account for 80-90% of the total gMG population. There are approximately 100,000 people in the European Union, 65,000 people in the United States and 20,000 people in Japan living with the disease.
About Spinal Muscular Atrophy (SMA)
Spinal Muscular Atrophy (SMA) is a genetic neuromuscular disease characterized by muscle atrophy and weakness. The disease generally manifests early in life. SMA is caused by bi-allelic mutations/deletions in the Survival Motor Neuron 1 (SMN1) gene that encodes the SMN protein. The SMN protein is critical to the health and survival of the motor system responsible for muscle contraction and movement. Different SMA subtypes have been identified, and symptoms and prognosis vary depending on SMA type. Some patients are ambulatory (usually with aids), others require a wheelchair and ventilatory support. There are approximately 5,000 – 10,000 people in the European Union, 10,000 – 25,000 people in the United States and 1,500 people in Japan living with the disease.
About Jeito Capital
Jeito Capital is a global leading investment company with a patient benefit driven approach that finances and accelerates the development and growth of ground-breaking medical innovation. Jeito empowers and supports entrepreneurs through its expert, integrated, multi-talented team and through the investment of significant capital to ensure the growth of companies, building market leaders in their respective therapeutic areas with accelerated patients’ access in Europe & the United States. Jeito Capital has €534 million under management. Jeito Capital is based in Paris with a presence in Europe and the United States. For more information, please visit www.jeito.life, or follow on Twitter @Jeito_life or LinkedIn.
About INKEF Capital
INKEF Capital is an innovative venture capital firm dedicated to supporting European early-stage companies in both the healthcare/life sciences and technology sectors. INKEF is distinct from other funds in that its 20-year fund life and €500 million fund size, allows it to be a long-term partner, supporting ventures through their different stages of development. With 15 investment professionals, the INKEF team has a multidisciplinary set of backgrounds in complementary technical and operational fields as well as geographies, which enables them to provide a rounded and international perspective and broad network to ensure that the portfolio companies reach their full global potential.
About Novo Holdings A/S
Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets.
Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: www.novoholdings.dk
About Roche Venture Fund
The Roche Venture Fund is the corporate venture fund of Roche and invests in innovative life science companies. Over the past 20 years, the Roche Venture Fund has invested in over 60 companies globally and currently has a portfolio of around 30 companies located in 10 countries. As part of a multinational healthcare company, the Roche Venture Fund has access to considerable expertise both internally and externally and co-invest with leading venture funds, including other corporate venture funds, on a regular basis.
About Lundbeck Foundation
The Lundbeck Foundation is a commercial foundation encompassing a comprehensive range of commercial and philanthropic activities – all united by its strong purpose; Bringing Discoveries to Lives. The Foundation is the long-term and engaged owner of several international healthcare companies – Lundbeck, Falck and ALK – and an active investor in business, science, and people through its commercial investments in the financial markets; in biotech companies based on Danish research and through philanthropic grants to science talents and programmes in Danish universities. The Foundation’s philanthropic grants amount to more than DKK 600m annually primarily focusing on the brain – including the world’s largest personal prize for neuroscience, The Brain Prize.
1 http://www.treat-nmd.eu/downloads/file/meetings/2016/WMS2016/Prevalence%20and%20Incidence%20of%20SMA-Ingrid%20Verhaart.pdf
2 https://smafoundation.org/about-sma/
3 https://www.ajmc.com/view/study-clarifies-prevalence-and-incidence-of-sma-in-japan