Advicenne Announces The Closing Of A €16 Million Financing Round
3/20/2017 8:56:10 AM
NIMES, France, March 20, 2017 /PRNewswire/ --
Advicenne, a late-stage biopharmaceutical company focused on the development of paediatric friendly therapeutics for the treatment of orphan renal and neurological diseases, announces today that it has closed a €16 million financing round. The fundraising was led by IRDI SORIDEC Gestion, Cemag Invest and MI Care alongside existing investors InnoBio (Bpifrance) and IXO Private Equity together with private individuals.
Advicenne plans to use these funds to advance its late-stage pipeline in nephrology and neurology, including:
• The completion of the Phase III development of ADV7103, which is targeting a renal tubulopathy, an orphan indication. ADV7103 is currently in a pivotal phase III trial in Europe. The company expects to announce the results of this study during summer 2017
• The development of ADV7103 in a second indication targeting another renal disease in Europe
• The registration of ADV6209, a paediatric anaesthesiology product outlicensed to Primex Pharmaceuticals in 2016
Dr Luc-André Granier, CEO of Advicenne, states, "This financing round is designed to further develop our pipeline, particularly completing the pivotal Phase III study with ADV7103, in an orphan renal disease for which there are currently no approved treatment options. The results from this study are expected in the summer."
Dr Granier adds, "We are very pleased to welcome IRDI SORIDEC Gestion, Cemag Invest and MI Care as new Advicenne shareholders, in addition to Bpifrance, IXO and private individuals, who have been supporting and working with us for many years."
Jean-Michel Petit, Investment manager at IRDI SORIDEC Gestion, said, "Advicenne is a very promising company in the field of orphan diseases. Its unique approach convinced us of the value of its activities and we are delighted to be in a position to invest in Advicenne at such an important time and to provide funding alongside a syndicate of highly supportive investors. Advicenne has the potential to be a game-changing biopharma company in the area of orphan renal and neurological diseases."
Philippe Boucheron, Deputy Chief Life Sciences Investment at Bpifrance Investissement, comments, "The investment proposition presented by Advicenne attracted our interest very early on and we decided to give it our full backing. Three elements caught our attention as we looked at Advicenne: the clear unmet medical need in the orphan diseases it is targeting, the relatively de-risked business model, and the focus and experience of the management team to advance its pipeline from R&D all the way to commercialisation."
Advicenne is a late-stage biopharmaceutical company focusing on the development of paediatric friendly therapeutics for the treatment of orphan renal and neurological diseases. The company has a strong portfolio of products in late-stage development targeting critical unmet needs in nephrology and neurology. Advicenne also develops a clinical and pre-clinical pipeline of potential treatments for additional orphan diseases in collaboration with Key Opinion Leaders.
The company was established in 2007 in Nimes (France). Since its inception, the company has raised close to €30 million in equity from leading venture capital investors Innobio (Bpifrance), IXO Private Equity, IRDI SORIDEC Gestion, Cemag Invest and MI Care.
Additional information about Advicenne is available through its website: http://advicenne.com/en/
About Bpifrance and InnoBio - www.bpifrance.fr
The public investment bank Bpifrance is the result of the merger of business funding and investment organizations OSEO, FSI, CDC Entreprises and FSI Regions. It was established by French law on Dec. 31 2012. It has two shareholders, the French State and the Caisse des Depôts (The French Deposits and Consignments Fund). The aim of Bpifrance is to support businesses, (SMEs, mid-cap companies and larger entities of strategic importance to the French economy), from their seed capital stages up to stock market listing. They offer access to credit, collateral and equity funding. Bpifrance also provides assistance and enhanced support services for innovation, export and external growth. They act as a single point of contact regarding the funding and investment needs of entrepreneurs in every region.
InnoBio is a € 173 million venture capital fund managed by Bpifrance, which is also an investor in the fund. Sanofi, GSK, Roche, Novartis, Pfizer, Lilly, Ipsen, Takeda and Boeringer-Ingelheim are among the other investors. The main aim of the fund is to make equity investments in innovative companies providing technology, products and services for health care.
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