Polyneuron Pharmaceuticals Secures CHF 22.5 Million Series A Financing to Advance PN-1007 for Chronic Debilitating Neurological Disorder

VCBeat (WeChat Official Account: vcbeat) learned from foreign media that on March 28, Polyneuron Pharmaceuticals, a biotechnology company headquartered in Basel, Switzerland, announced the completion of a CHF 22.5 million Series A financing round. The company will use the proceeds from this round to conduct the first-in-human clinical trial of its product PN-1007, which is designed to treat a chronic and debilitating neurological disorder.

It is reported that this round of financing was led by Sofinnova Partners, with participation from New Enterprise Associates (NEA) and certain existing investors. Additionally, Graziano Seghezzi, a team member at Sofinnova Partners, and David Mott, a team member at NEA, will join the Board of Directors of Polyneuron.

Polyneuron Pharmaceuticals is a biopharmaceutical company primarily focused on developing novel therapies for autoimmune diseases. The company’s proprietary technology platform, Antibody-Catch, enables the design of drugs that selectively inactivate pathogenic autoantibodies while preserving the integrity of the immune system.

Antibody-Catch is a technology platform developed by Polyneuron for the treatment of antibody-mediated autoimmune diseases. Antibody-mediated autoimmune diseases are primarily characterized by the overproduction of pathogenic antibodies in patients, which attack the patient’s own cells, tissues, and organs, resulting in bodily damage.

The Antibody-Catch platform enables the rational design of drugs that block pathogenic autoantibodies. These agents are biodegradable, high-molecular-weight glycopolymer conjugates that specifically bind to target antibodies, sequestering them for subsequent clearance from the body. This highly specific therapeutic approach offers the potential for curing previously untreatable autoimmune diseases.

PN-1007 is a small-molecule therapeutic developed using the Antibody-Catch platform and has received orphan drug designation from the European Medicines Agency. This drug primarily targets anti-MAG neuropathy, a rare neurological disorder characterized by progressive demyelination and axonal damage, leading to loss of sensation and coordination in the limbs, accompanied by neuropathic pain. PN-1007 protects patients’ myelin sheaths by eliminating pathogenic antibodies and may even restore myelin to a healthy state.

In addition to PN-1007, Polyneuron’s pipeline includes PN-1018 for the treatment of multifocal motor neuropathy (MMN), PN-032 and PN-05 for ABO-incompatible transplantation, and a lead identification program for IgA nephropathy. However, these three product lines are currently only at the preclinical identification and optimization stage, with only PN-1007 advancing to clinical trials.

Regarding this financing round, Dr. Ruben Herrendorff, CEO of Polyneuron, stated: “We thank Sofinnova Partners and NEA for their support during this critical phase for the company. This funding will enable us to conduct the first-in-human trial for anti-MAG neuropathy and advance our PN-1007 program.”

Polyneuron was founded in 2014. To date, it has completed three seed funding rounds, one venture capital financing round, and one Series A financing round, with total funding amounting to CHF 28.7 million (approximately USD 28.84 million).

Sofinnova Partners is an independent venture capital firm based in Paris, France, founded on July 30, 1972. The firm primarily invests in early-stage and late-stage companies in the fields of life sciences, biopharmaceuticals, biotechnology, medical devices, and industrial biotechnology. Currently, the firm manages $1.1 billion in assets and has completed over 300 investments.

NEA is a global venture capital firm founded in 1977 and headquartered in Menlo Park, California. The firm is dedicated to helping entrepreneurs at all stages establish their industry presence, with over $19 billion in cumulative capital under management. NEA primarily invests in sectors such as software services, consumer, internet, energy, and healthcare, having completed more than 2,000 investments and over 300 acquisitions to date.

(Compiled by Wang Chan)