Dualyx raises €40 million to progress Treg therapies for autoimmune diseases into the clinic
Dualyx NV, a Ghent based biotech developing next generation immune modulators, today announces that it has completed a €40 million ($44 million) Series A financing. The fundraise has been co-led by Fountain Healthcare Partners, Forbion and Andera Partners, with support from existing investors V-Bio Ventures, BGV, PMV, VIB, HTGF, and GFF. The funds raised will enable Dualyx to progress its lead autoimmune program DT-001, as well as its pipeline of Treg candidates. Ena Prosser, Partner at Fountain Healthcare Partners, Juliette Audet, Partner at Forbion, and Aneta Sottil, Director at Andera Partners will join Dualyx’s Board as non-executive directors.
Use of proceeds will enable the development of the Company’s lead autoimmune program DT-001, targeting TNFR2, as well as its pipeline of Treg candidates
Financing co-led by Fountain Healthcare Partners, Forbion and Andera Partners with support from existing investors
Bernard Coulie appointed as Independent Chairman with immediate effect
Dualyx’s lead program DT-001 targets the highly attractive TNF receptor 2 (TNFR2), widely regarded as a master control switch in immune modulation. Through state-of-the-art antibody development, Dualyx has developed an agonist to the receptor which shows highly selective activation of regulatory T cells (Tregs).
To date, promising results have been observed from pre-clinical research with DT-001 and investigational new drug (IND)-enabling studies have begun. DT-001 holds promise to be a game-changing treatment option for a broad range of autoimmune diseases. The funds will be used to progress Dualyx’s DT-001 program into its early clinical proof-of-concept phase. The company has a pipeline of additional Treg focused programs in early-stage development.
Alongside the financing, Bernard Coulie, CEO of Pliant Therapeutics, joins the company as Independent Chairman with immediate effect. Bernard brings with him a wealth of experience in founding and leading successful biotech companies.
“It’s clear to me that TNFR2 is a validated and exciting target for autoimmune therapies, and I am confident that Dualyx has all the ingredients for success with its lead program. I’m therefore delighted to join the Board as Chairman while Dualyx heads towards the clinic,” commented Bernard Coulie, Independent Chairman of Dualyx. “I look forward to working closely with Wouter, Luc and the rest of the Dualyx management team over the coming years.”
“Attracting the expertise and support of top tier investors to Dualyx highlights the potential of the work to date in our DT-001 program and more importantly, completes our high-quality international investor base. We extend a warm welcome to Bernard as Chairman and I am confident that the combined support of our new board will enable progress with our highly promising TNFR2 program, and ultimately our goal of addressing hard-to-treat autoimmune diseases,” added Wouter Verhoeven, CEO of Dualyx.
Dualyx was founded two years ago by CSO Luc Van Rompaey, in a collaborative model with Wurzburg University, Argenx, VIB, Ghent University and KU Leuven. The company has been supported to date by a EUR 7 million seed round from V-Bio Ventures, BGV, PMV, VIB, HTGF, and GFF.