Confo Therapeutics Announces EUR 60M Series B Financing to Advance Pipeline of Novel GPCR-Modulating Therapies into Clinical Development
26 July 2024 - 3:00PM
Business Wire
- Proceeds to support Phase 1 clinical trials for two proprietary
programs, and to advance two additional programs to IND
approval
- Company to expand R&D efforts to discover additional
development candidates for rare endocrine diseases and obesity,
including those targeting Class B GPCRs
- Portfolio expansion to include a focus on agonistic GPCR
antibodies
Confo Therapeutics, a clinical-stage company and leader in the
discovery of medicines targeting G-protein coupled receptors
(GPCRs), today announced the closing of a EUR 60M Series B
financing. The round was led by Ackermans & van Haaren (AvH)
and included participation from additional new investors, Driehaus
Capital Management and Quest for Growth (QfG), as well as existing
investors, BioGeneration Ventures (BGV), Capricorn Health-tech Fund
(CHF), Fund+, MINTS (University of Michigan), Perceptive Advisors,
Qbic, PMV, V-Bio Ventures, VIB and Wellington Partners.
The proceeds will be used to advance two, wholly owned programs
through Phase 1 and two additional programs to IND approval,
including molecules targeting GPR75 for obesity. Confo will expand
its portfolio of GPCR-targeting small molecules and therapeutic
antibodies, which includes an emphasis on agonistic antibodies.
“With the support from our experienced international investor
syndicate, we plan to accelerate our ambitious development
pipeline,” said Cedric Ververken, CEO of Confo Therapeutics. “Our
plans include potential new therapies for severe rare endocrine
diseases, as well as next-generation obesity drugs which could be
used in combination with, or as an alternative to, GLP-1R
agonists.”
Jeroen Vangindertael, Investment Manager at AvH added: “We have
followed Confo’s development and have been repeatedly impressed
with Confo’s proprietary platform and its experienced team, as well
as their strategy for novel treatments in obesity and rare
endocrine disorders. We are especially excited by the remarkable
ease with which Confo can discover agonistic antibodies directed to
GPCRs, opening up a new route to generating novel medicines. We
feel privileged to contribute to the mission of Confo Therapeutics
and its exceptional management team together with this syndicate of
specialist life science investors.”
As part of the Series B financing round, Dr. Vangindertael will
join Confo’s Board of Directors, and Mr. Alex Munns, Assistant
Portfolio Manager at Driehaus, will be appointed as Board
Observer.
“I am delighted to welcome our new investors and thank them for
their support as we enter our next phase of development,” said
Dieter Weinand, Independent Chairman of the Board of Confo
Therapeutics. “In combination with the continued backing of our
existing investors, the team will be able to focus on advancing
these therapeutic candidates to benefit patients living with
metabolic and endocrine disorders.”
About Confo Therapeutics
Confo Therapeutics is a clinical-stage biotechnology company
committed to identifying and accelerating novel medicines targeting
GPCRs (G protein-coupled receptors). It discovers small molecules
and antibodies with the desired pharmacology by employing its
proprietary discovery platform which uses conformation-specific
ConfoBodies® to promote GPCRs into functionally relevant states.
Using its platform, the company is building a pipeline of product
candidates to transform therapeutic outcomes for patients with a
focus on metabolic and endocrine diseases. The Company’s mission is
being advanced by a team of highly experienced industry experts
with extensive knowledge of the discovery and development of
GPCR-directed medicines. Confo Therapeutics is headquartered in
Ghent, Belgium. For more information, visit
www.confotherapeutics.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240725025121/en/
Confo Therapeutics Dr. Cedric Ververken, CEO + 32 (0) 9
396 74 00 info@confotherapeutics.com
Trophic Communications Valeria Fisher or Desmond James
+49 (0) 175 8041816 or +49 (0) 1516 7859086 Email:
confo@trophic.eu