Date: 2013-06-26
Type of information: Series A financing round
Company: Forendo Pharma (Finland)
Investors: Karolinska Development (Sweden) Novo Seeds (Denmark) Finnvera (Finland)
Amount: € 1.2 million
Funding type: first financing round
Planned used:
Others: * On June 25, 2013, Karolinska Development has announced today that it has invested in Forendo Pharma Oy, a new drug development company based in Finland, hat is developing novel treatments for endometriosis and for low testosterone levels. Karolinska Development has invested together with Novo Seeds and Finnvera. The stepwise funding commitments, together with previous funding from Tekes, are expected to reach € 10m over a period of three years, of which Karolinska Development will invest up to € 3.0m.In the first round of investment, Karolinska Development has invested € 1.2m in the company resulting in an ownership of 21%.
Forendo Pharma is developing a potential new treatment of endometriosis based on inhibition of the 17?-HSD1 enzyme, a novel drug target with potential for tissue/organ specific regulation of hormone activity. This project is currently in pre-clinical development. The company is also developing fispemifene, a potential new treatment for patients with low testosterone levels. This oral treatment offers several possible benefits over current therapies, including the potential to maintain male fertility. In contrast to testosterone replacement therapy, fispemifene stimulates the testicular function in men. Fispemifene has demonstrated efficacy in Phase II clinical studies. Forendo Pharma will seek partners for this program to go forward.
Therapeutic area: Gynecology - Women's health - Hormonal diseases - Endocrine diseases
