The Stockholm based pharma company, Gesynta Pharma AB, have announced that they have raised SEK 190 million, this being one of the largest private biotech placements of the year in the Nordics.
Gesynta is a clinical stage company developing first-in-class therapeutics for chronic inflammatory conditions such as systemic sclerosis.
The funding round was led by European life science fund manager Hadean Ventures, joined by existing investor Industrifonden and private funds.
“Through our diligence, we have also been hugely impressed by the experienced team at Gesynta with whom we look forward to working as we take this asset and the rest of the pipeline forward,” said Roger Franklin of Hadean Ventures, who will be joining Gesynta’s board.
Bita Sehat of Industrifonden said: “We are looking forward to continuing to support Gesynta and are excited to have Hadean Ventures joining us on this journey.”
The investment enables Gesynta to fund continued development of lead candidate GS-248 in systemic sclerosis patients.
Following a successful Phase I study recently reported at EULAR2020, this potent and selective inhibitor of microsomal prostaglandin E synthase-1 (mPGES-1) is now scheduled to enter a multi-centre Phase II study at the end of 2020.
“The positive results from our Phase I study showing strong effects of GS-248 on biomarkers of inflammation and vascular protection in humans led us to initiate this new funding round,” said Patric Stenberg, CEO of Gesynta Pharma
“The response from both existing and new investors have been extremely positive and we can now quickly move forward towards the next critical milestone,” which will be the initiation of a proof-of-concept trial in systemic sclerosis patients, Stenberg explained.
What is GS-248?
GS-248 provides both anti-inflammatory and vasodilatory effects and has the potential to become a new efficacious treatment for the microvascular dysfunction, which leads to both pain and ulcerations due to poor blood flow in small vessels, which systemic sclerosis patients suffer from.
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