Biotechnology company VarmX has raised an additional €30m in a Series B2 financing round to obtain investigational new drug (IND) approval for its lead compound VMX-C001.
VMX-C001 is a modified recombinant human blood clotting factor X that enables patients taking direct oral anticoagulant blood thinners to undergo emergency surgery without the risk of bleeding.
It also enables blood to clot normally in the presence of factor Xa blood clotting inhibitors.
VarmX also intends to use the financing to complete preparations for the pivotal clinical trial including large scale manufacturing.
The company’s first-in-human study will demonstrate the safety of VMX-C001 and provide clinical proof of concept. Enrolment for this study is completed.
Full study results are expected to be announced later this year.
Led by Sound Bioventures, the Series B2 financing round has also seen participation from another new investor, the European Innovation Council (EIC) Fund.
Existing investors include EQT Life Sciences, Lundbeckfonden BioCapital, Inkef, Ysios Capital, BioGeneration Ventures, Libertatis Ergo Holding and InnovationQuarter.
VarmX CEO Dr Jan Öhrström said: “We are delighted to welcome Sound Bioventures and the EIC Fund to our strong syndicate of leading life sciences investors as we move to the next stage of VarmX’s growth path.
“Factor Xa-DOAC induced bleeding is becoming an increasingly frequent problem as the use of these anticoagulants increases, including due to the future availability of generics, and more users are experiencing bleeding problems.
“This funding will enable us to move the development of our VMX-C001 programme further forward and bring it closer to helping patients.”