Synendos Therapeutics, one of our Portfolio companies, announced today expansion of their series A financing.
Synendos is developing first-in-class inhibitors that modulate a newly identified drug target in the body’s endocannabinoid system, a key neuromodulator system in the CNS, enabling restoration of endogenous cannabinoid levels that are suppressed in certain pathological conditions. Proceeds from the financing announced today, will be used to complete preclinical development and advance Synendos’ lead drug candidate through safety and proof-of-concept clinical studies in relevant and well-defined disease indications.
Synendos is well on track to start IND enabling studies this year, according to Synendos co-founder and CEO Dr. Andrea Chicca. This would be a key milestone on their path towards “ reaching a clinical inflection point in the development of novel drug technology to help combat anxiety, mood and stress-related disorders”, Chicca explains further.
Additionally outlined in the press release, Prof. Jutta Heim has been appointed as Chair to the Board. Jutta Heim has worked for more than 20 years at Ciba-Geigy/ most recently as global head of lead discovery. Before she was elected to the boards of several emerging biotech companies, she led the discovery activities of Basilea Pharmaceutica AG and of Evolva SA.
Moreover, Synendos Therapeutics has been awarded a prestigious Eurostars grant from the European Union (EU). Together with three other partners, Synendos will seek to test its therapy approach in proof-of-mechanism studies for post-traumatic stress disorder (PTSD) as part of the two-year EndoCARE project, which will also aim to investigate potential biomarkers for early clinical studies.
See the full press release from Synendos here.
And, read their success story as a BaseLaunch Portfolio company here.