reMYND extends Series B funding to EUR 24 million
reMYND NV, a clinical stage company developing innovative treatments for Alzheimer’s, diabetes and other diseases caused by cellular dysfunction, has successfully extended its Series B financing round to EUR 24 million. The second close of EUR 12 million by a consortium of investors including Korys Investments, FPIM, KU Leuven, PMV, and BNP Paribas Fortis Private Equity follows an initial EUR 12 million raised in December 2018.
Proceeds from the fundraise will allow completion of proof-of-concept clinical trials for both the Alzheimer’s and the diabetes programs in 2022. A first-in-human trial of RES19-T for the treatment of Alzheimer’s was initiated in 2020. reMYND expects to announce the launch of a first-in-human trial in diabetes during 2021.
Staph Leavenworth Bakali, Chairman of reMYND, commented “This successful financing round comes at an exciting time in reMYND’s growth story. With an expanded Board and management team, our Alzheimer’s program in the clinic and this latest investment, we are well placed to keep up this strong momentum as we look to advance further programs into the clinic”.
Koen De Witte, Managing Director of reMYND, commented “With this financing secure, we look forward to continuing our discussions with potential pharma partners on collaborating with us, as well as exploring opportunities with international investors to raise the required capital to advance our programs past clinical proof-of-concept independently.”
About reMYND
reMYND is a clinical stage company developing novel treatments for Alzheimer’s, diabetes and other diseases caused by cellular dysfunction. It is backed by a proprietary drug discovery platform, which enables the identification of novel mechanisms-of-action, targets and first-in-class small molecules.
reMYND’s most advanced program is ReS19-T, an investigational compound for the treatment of Alzheimer’s, which entered the clinic in Q4 2020. In animal models it has shown to produce an acute response, restoring synaptic plasticity, a process central in the disease cascade leading to neuronal demise and build-up of plaques and tangles. The company is also developing a treatment for diabetes, ReS39. Animal models have demonstrated the compound’s efficacy to increase endogenous insulin production capacity with a sustained and durable effect on blood glucose levels and end-organ protection.
Other treatments for major health challenges are being explored using reMYND’s discovery platform, with a focus on mitochondrial dysfunction in central nervous system (CNS) disorders.
In addition, reMYND has a dedicated Contract Research Organization (CRO), which focuses on CNS disorders. The team helps clients to assess the pharmacokinetics, pharmacodynamics and efficacy of their experimental treatments in reMYND’s proprietary animal models. The CRO has a global client base, including the US, Europe and Japan.
reMYND was founded in 2002 as a spin-off from the University of Leuven, and has been substantially supported by grants from VLAIO/IWT (Flanders, Belgium). Find out more at https://www.remynd.com.