Minoryx Therapeutics, a Phase 3 stage biotech company focused on the development of treatments for orphan central nervous system (CNS) disorders, announce the closing of a €51 million financing, including Series C equity financing and complementary bank debt.
Minoryx will use the funding to finance the marketing authorization application (MAA) and launch preparations of its drug candidate leriglitazone for adult male X-ALD patients with adrenomyeloneuropathy (AMN) in the EU. Minoryx will also use the funds towards the approval of leriglitazone in the US for the same indication. The company is currently holding discussions with the FDA to define the next steps for its US approval path. Finally, the proceeds will support the continuation of leriglitazone’s development in pediatric patients with cerebral ALD (cALD) as well as label expansion into women affected by X-ALD.
The round was co-led by Columbus Venture Partners and Caixa Capital Risc. Dr. Damià Tormo, representing Columbus Venture Partners, has joined Minoryx’s Board of Directors. CDTI, through its Innvierte program, also joined the Series C round which was also strongly supported by existing Series B investors, led by Fund+ and its Belgian Public co-investors, and Series A investors, led by Ysios Capital.
X-ALD is an orphan, inherited neurodegenerative disease. The most common form is AMN, which is a highly debilitating chronic disease affecting male and female X-ALD patients reaching adulthood. There is currently no approved treatment for AMN patients. In male patients, both pediatric and adult, X-ALD can also manifest in its acute cerebral form, cALD, resulting in aggressive brain inflammation, leading to permanent disability and death within 2-4 years. The global incidence of X-ALD is approximately 6.2/100,000 live births. AMN and cALD are the two most common phenotypes.
“Minoryx’s Series C investment round will enable us to move forward at full speed towards the approval and commercialization of leriglitazone in X-ALD, a devastating orphan disease with a major unmet medical need,” said Marc Martinell, CEO, Minoryx. “These funds will also enable Minoryx to proceed towards US approval based on FDA guidance and investigate the benefits of leriglitazone in further X-ALD patient populations.”
Garrigues advised Minoryx with a team formed by Corporate partner Susana Rodríguez, counsel Pablo Vinageras and associate Elisabet Terradellas.
