EryDel Raises Euro 26.5 Million in Financing.
Bresso (Milano), Italy – EryDel SpA, a biotech company specialized in drug delivery through red blood cells, announced the closing of a Euro 26.5 million financing led by Sofinnova Partners, with existing investors, Genextra SpA and Innogest SGR also participating. In conjunction with the financing, Sofinnova Partners’ Managing Partner Graziano Seghezzi, has joined EryDel’s Board of Directors.
EryDel has initiated ATTeST, a single pivotal Phase 3 trial of its lead product EryDex for the treatment of neurological symptoms of Ataxia Telangiectasia (AT), a rare autosomal recessive disorder for which no established therapy is currently available. The proceeds will be used to complete the ATTeST trial and to boost EryDel’s international development.
Erydel develops an innovative red-blood-cell-based drug delivery device for the treatment of rare neurodegenerative diseases. Its proprietary technology relies upon the encapsulation of drugs into red cells taken from the patient’s own blood which are then re-infused into the patient. EryDel’s lead product, EryDex, has received Orphan Drug designation both from the FDA and the EMA for the treatment of Ataxia Telangiectasia, a rare autosomal recessive disorder for which there is currently no established therapy. Next to AT, EryDel’s technology is being developed in a wide range of additional applications.
“AT is a devastating genetic neurological condition with no therapy available yet. EryDel’s technology is offering an opportunity to bringing to the market a valid option for patients suffering from the disease. We are delighted to have attracted, a world-class investor, to support key steps for regulatory approval of EryDex and to leverage potential of EryDel’s drug delivery platform”, said Luca Benatti, CEO of EryDel.
Graziano Seghezzi, Managing Partner at Sofinnova Partners, adds: “We have known Luca Benatti, a serial entrepreneur who previously founded Newron Pharmaceuticals (NWRN), for almost two decades and followed EryDel’s development since the beginning. We believe the company is now poised for rapid growth and are happy to actively contribute to this exciting development”.