Versantis Secures CHF 16 Million Series B Financing to Advance Clinical Development of Novel Liver Disease Therapy

On September 18, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Versantis announced the completion of a CHF 16 million Series B financing round. The round was led by Swisscanto Invest, a subsidiary of Zürcher Kantonalbank, with participation from Esperante Ventures, investiere, Redalpine HealthEquity, and Zürcher Kantonalbank Start-up Finance.

Following the transaction, Dr. Robert Schier, Investment Director at Swisscanto Invest, will join the Board of Directors of Versantis, with senior healthcare executive and entrepreneur Peter Nicklin serving as Chairman.

Versantis plans to use the proceeds from this financing round to demonstrate the clinical efficacy of VS-01 and advance the clinical development of novel therapies for liver diseases.

Versantis is a clinical-stage biotechnology company focused on developing orphan drugs for the treatment of liver diseases. Founded by leading scientists from ETH Zurich and industry experts, Versantis leverages its proprietary liposomal detoxification platform technology to pursue innovative therapies for acute care in severe liver diseases. VS-01 is currently undergoing its first-in-human clinical trial, which is expected to be completed by mid-2020. VS-01 has been granted orphan drug designation by the European Medicines Agency (EMA) for acute liver failure and by the U.S. Food and Drug Administration (FDA) for the treatment of acute-on-chronic liver failure (ACLF), which will streamline its clinical development pathway.

Dr. Vincent Forster, CEO and Co-Founder of Versantis, stated, “Since the inception of Versantis, we have matured and successfully translated our unique technology into potential life-saving therapies, which are currently being evaluated for their efficacy in treating liver cirrhosis. This financing round is a testament to the entire Versantis team, and we are delighted to secure the support and partnership of this group of top-tier life science investors. With this funding, we will further demonstrate the clinical efficacy of VS-01.”

Dr. Meriam Kabbaj, Chief Operating Officer and Co-Founder of Versantis, stated, “The completion of our Series B financing coincides with the approval and official launch of Versantis’ first-in-human clinical trial, which evaluates the safety of VS-01 in patients with cirrhotic ascites and mild hepatic encephalopathy. This represents one of the most significant milestones achieved by Versantis to date. This funding is critical for our clinical development efforts.”

Dr. Schier stated, “We are delighted to join Versantis as a lead investor in the research, development, and launch of novel therapies that could have a significant impact on the growing population of patients with liver disease. Swisscanto firmly believes that a unique clinical approach, rigorous project planning and execution, and the company’s key stakeholders form the foundation for success.”

Globally, 850 million people suffer from liver disease, and 2 million die from it each year. In addition to traditional hepatitis and alcohol-related liver disease, the incidence of fatty liver disease (NAFLD/NASH) has been rising in recent years. Currently, one-quarter of Americans and Europeans have fatty liver disease, which is becoming a major driver of decompensated cirrhosis and liver transplantation. Most patients with cirrhosis eventually progress to decompensation, requiring hospitalization due to complications such as hepatic encephalopathy (HE) or acute-on-chronic liver failure (ACLF, a rare condition). To date, no drugs have been approved to treat these cases, which carry a high mortality rate if not managed medically at an early stage. By reversing the multi-organ failure cascade associated with HE and ACLF, VS-01 aims to urgently fill this medical gap.

Swisscanto Invest is a Swiss asset management company that provides investment and pension solutions.

Zürcher Kantonalbank Group is one of Switzerland’s largest fund providers. It is renowned for its pioneering role in sustainable investment, and its funds frequently receive national and international recognition.

Esperante is a private seed investment firm based in the Netherlands, established in January 2004. Leveraging thirty years of cross-functional management experience, the company provides clients with specialized expertise and industry networking opportunities.

Redalpine is a venture capital firm headquartered in Switzerland, focusing on investments in European life sciences and ICT startups.

investiere is Europe’s leading venture capital platform, offering direct and professional venture investment opportunities to private and institutional investors. With over 70 investments, investiere has become one of the most active venture capitalists in Switzerland.

(Compiled by Tian Shuhang)