GeNeuro raises EUR 6 million for multiple sclerosis treatmentWednesday 21 July 2021
GeNeuro, a Geneva-based biopharmaceutical company developing new treatments for neurodegenerative diseases, has raised EUR 6 million through a private placement.
Pursuing a novel approach for treating autoimmune diseases by seeking to block mechanisms suspected of participating to their onset and development, GeNeuro develops safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis.
GeNeuro’s technology works by neutralizing causal factors encoded by HERVs (human endogenous retrovirus), which represent 8% of human DNA. The company, which is headquartered in Geneva with R&D facilities in Lyon, France, has the rights to 17 patent families protecting its technology.
The biotech has announced results from its CHANGE-MS and ANGEL-MS clinical studies on its drug candidate temelimab for multiple sclerosis. The study, held at the Karolinska Institutet in Stockholm, confirmed the safety and efficacy of temelimab on MRI markers of inflammation and neurodegeneration.
These results putting temelimab in a unique position against neurodegeneration in MS, GeNeuro was able to raise EUR 6 million through a private placement.
The net proceeds will primarily allow the company to fund its operations and extend its financial visibility until the end of 2022 in order to facilitate Phase 3 planning and partnering discussions for temelimab.
Jesús Martin-Garcia, CEO of GeNeuro, states that: “the capital will also support continuing preclinical research on the potential of temelimab for Post-COVID patients with neuropsychiatric affections, notably through the partnerships with the CIRI (International Center for Infectiology Research, France) and Fondation FondaMental, which seek to speed up the development of diagnostic and therapeutic solutions.”