Date: 2017-01-09
Type of information: Series A financing round
Company: Eternygen (Germany)
Investors: Evotec (Germany) Epidarex Capital (UK) EMBL Ventures (Germany) IBB Beteiligungsgesellschaft GmbH (Germany) two renowned family offices.
Amount: € 8 million
Funding type: series A financing round
Planned used: Eternygen`s research and development program is focused on the sodium coupled citrate transporter (NaCT), a novel target which is also known as INDY (I am Not Dead Yet). INDY is a key regulator of energy metabolism that may be involved in the pathogenesis of nonalcoholic fatty liver disease (NAFLD), nonalcoholic steatohepatitis (NASH), diabetes and obesity. Prof. Dr. Andreas Birkenfeld, one of Eternygen’s scientific founders, is a recognized opinion leader in INDY research. The company has successfully generated in vivo proof of concept data with an early lead candidate showing strong effects on glucose and lipid metabolism, with significant improvements in body weight, insulin sensitivity and fatty liver disease in animal models. Eternygen will use the proceeds of the Series A funding to accelerate its small molecule NaCT inhibitors towards the selection of a preclinical lead candidate. The company will continue its partnership with Evotec to conduct its preclinical development program.
Others: * On January 9, 2017, Eternygen GmbH, a privately owned Berlin-based metabolic diseases company, announced the completion of its € 8 (approx. US$ 8.3) million Series A funding round. Epidarex Capital led the round, and Evotec participated together with a consortium of investors including VC Fonds Technologie, managed by IBB Beteiligungsgesellschaft GmbH, and two renowned family offices. Evotec's investment is an extension of its existing relationship with Eternygen. In May 2014, Evotec and Eternygen have announced an agreement to develop novel small molecule inhibitors against an Eternygen target to treat metabolic diseases using Evotec’s technology platform and expertise in drug discovery and pre-clinical development. This target is the sodium coupled citrate transporter NaCT, which is a key regulator of energy metabolism involved in the pathogenesis of fatty liver, diabetes and obesity. Eternygen will continue its partnership with Evotec to conduct its preclinical development program.
Therapeutic area: Metabolic diseases
