Italy-based biotech company EryDel has secured €26.5m in financing to accelerate its international development and complete the registrational phase III clinical trial of its lead product EryDex.
The financing round was led by Sofinnova Partners. Existing shareholders Genextra SpA and Innogest SGR also participated to the investment.
The registrational Phase III ATTEST clinical trial is currently enrolling in Europe, Asia, Australia and in the US.
EryDel CEO Luca Benatti said: “We are thrilled to welcome Sofinnova Partners as our lead investor. Their unique international reach and recognized experience for building global leaders represent a huge asset at a time when EryDel is about to accelerate its growth plan.”
EryDex, a product that has received Orphan Drug designation both from the FDA and the EMA for treating Ataxia Telangiectasia (AT) for which there is currently no established therapy. Most AT patients die in the second decade of life.
Besides AT, EryDel’s technology is being developed in a range of additional applications.
Sofinnova Partners managing partner Graziano Seghezzi said: “We have known Luca Benatti for almost two decades and followed EryDel’s development since the beginning. We believe the company is now poised for rapid growth and are happy to actively contribute to this exciting development.”
EryDel develops red-blood-cell-based drug delivery device for treating rare neurodegenerative diseases. Its technology relies on the encapsulation of drugs into red cells taken from the patient’s own blood which are then re-infused into the patient.
Benatti said: "AT is a devastating genetic neurological condition with no therapy available yet. EryDel’s technology is offering an opportunity to bringing to the market a valid option for patients suffering from the disease. We are delighted to have attracted, a world-class investor, to support key steps for regulatory approval of EryDex and to leverage potential of EryDel’s drug delivery platform.”
EryDel has a pipeline of preclinical programs that use its RBC’s delivery technology to treat other rare diseases.