NeRRe Therapeutics raises £23 million in oversubscribed Series B financing round
New funds to advance unique neurokinin receptor antagonist pipeline towards late-stage clinical development in common, chronicand debilitating respiratory and women’s health conditions.
New investors Fountain Healthcare Partners, Forbion Capital Partners and Orbimed join existing investors Advent LifeSciences and Novo A/S
Stevenage,UK, 5th January 2017 – NeRRe Therapeutics (‘NeRRe’), a clinical-stage company developinga unique portfolio of neurokinin (NK) receptor antagonists for the treatment of common, chronic and debilitating conditions caused by neuronal hypersensitivity, announced it has raised £23 million in an oversubscribed Series B financing round.
The funds will be used by NeRRe to generate Phase 2 data on orvepitant, its lead oral NK-1 antagonist candidateas a potential new treatment for a common, chronic respiratory condition; and to advance NT-814, a dual NK-1,3 antagonist, into Phase 2 trials as a potential non-hormonal treatment of distressing post-menopausal vasomotor symptoms.
The financing round involved a syndicateof leading transatlantic life sciences investors led by new investor FountainHealthcare Partners, and co-led by Forbion Capital Partners and OrbiMed. Existing investors, Advent Life Sciences and Novo A/S also participated.
Dr Ena Prosser, Partner a tFountain Healthcare Partners; Geert-Jan Mulder MD, General Partner at Forbion Capital Partners; and Dr Iain Dukes, Venture Partner at OrbiMed will join Dr Kaasim Mahmood, General Partner at Advent Life Sciences (Chairman), Dr Mary Kerr, NeRRe’s CEO and Jo Craig, Vice-President GSK (Board Observer) on the NeRRe Board of Directors.
OrbiMed’s Iain Dukes, formerly Senior Vice President, Business Development & Licensing at Merck & Co., said: “We have been impressed by NeRRe's clear strategy, and are pleased to be involved in funding the company to deliver important Phase 2 clinical data on both of these exciting candidates. We look forward to supporting the company in achieving these aims.”
Mary Kerr, NeRRe’s CEO, said: “NeRRe is delighted to have attracted such a substantial investment from these high profile life sciences investors. Now that we are fully funded to execute the next phase of development, everyone at the company is focused on moving orvepitant and NT-814 closer to the market for the alleviation of these common, chronic and debilitating conditions.”
*Biographiesof the Board of Directors can be found at www.nerretherapeutics.com
NeRRe Therapeutics is a private, UK-based clinical-stage company focused on the development of its unique portfolio of NK receptor antagonists for the treatment of common, chronic and debilitating conditions caused by neuronal hypersensitivity.
NeRRe Therapeutics was founded in 2012 as a spin out from GSK, which transferred its NK antagonist portfolio,including clinical data, toxicity, safety and formulation packages, and all associated IP to NeRRe. NeRRe is led by an experienced management team including Dr Mary Kerr (CEO), formerly SVP and Global Franchise lead at GSK and Dr MikeTrower (Co-founder, CSO/COO), formerly VP & Head of the External Drug Discovery Group in the Neurosciences CEDD at GSK.
NeRRe Therapeutics is backed by leading international life sciences investors: Advent Life Sciences, FountainHealthcare Partners, Forbion Capital Partners, OrbiMed, and Novo A/S.
NeRRe is based at the state-of-the-art Stevenage Bioscience Catalyst (www.stevenagecatalyst.com), the UK’s first open innovatio nbioscience campus.
About Fountain HealthcarePartners
FountainHealthcare Partners is a life science focused venture capital fund with €176million ($200 million) under management. Within the life science sector, specific areas of interest to Fountain include specialty pharma, medical devices, biotechnology and diagnostics. The firm deploys the majority of its capital in Europe, with the balance in the United States. Fountain’s main office is in Dublin, Ireland, with a second office in New York. www.fh-partners.com
About Forbion Capital Partners
Forbion Capita lPartners is a dedicated life sciences venture capital firm with offices in TheNetherlands and Germany. Forbion invests in life sciences companies in the pharmaceutical, as well as the medical device space. Forbion’s investment team has built an impressive performance track record since the late nineties with successful investments in multiple companies. With the new FCFIII fund, Forbion manages well over EUR 700M across six funds, including the new fund FCF III. Its investors include the EIF through its European Recovery Programme (ERP), LfA and Dutch Venture Initiative (DVI) facilities and the KFW through the ERP -Venture Capital Fonds finanzierung facility. Forbion also operates a joint venture with BioGeneration Ventures, who manages two separate seed and early stage funds focused on Benelux. For further information please visit www.forbion.com.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies utilizing a range of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya. www.OrbiMed.com
About Advent Life Sciences
Advent LifeSciences founds and invests in early- and mid-stage life sciences companies that have a first- or best-in-class approach to unmet medical needs. The investing team consists of 16 professionals, each with extensive scientific, medical and operational experience, a long-standing record of entrepreneurial and investment success in the US and Europe, and is particularly focused on supporting entrepreneurs and founders to take innovative new medical entities from concept to approval. The Firm invests in a range of sectors within lifesciences, principally drug discovery, enabling technologies and med tech, always with an emphasis on innovative, paradigm-changing approaches. AdventLife Sciences has a presence in the UK, US and France. For more information,please visit www.AdventLS.com
For more information, pleasecontact:
Mary Kerr,CEO of NeRRe Therapeutics
Tel: +44 1438 906960
KatjaStout/Mark Swallow, Citigate Dewe Rogerson
Tel: +44 207282 1066/2948