Molecular Partners raises €30M in second VC round

Funding

Molecular Partners AG, of Zurich, which is developing protein therapeutics called DARPins, has announced the closing of its second round funding at €30 million.

The round was led by new investor Essex Woodlands Health Ventures, with existing investors, including Index Ventures, Johnson & Johnson Development Corporation, BB Biotech Ventures and Endeavour following on.

The new funds will enable Molecular Partners to advance its lead compound MP0112, a vascular endothelial growth factor (VEGF) antagonist, into clinical proof-of-concept studies in two indications in ophthalmology, and support the development of its pipeline of preclinical DARPin candidates.

The company claims that DARPins combine the targeting and specificity advantages of monoclonal antibodies with many of the properties of small molecules. It is collaborating with US biotech Centocor Research & Development, Inc. in the development of DARPins against two undisclosed targets.

Petri Vainio, Managing Director at Essex Woodlands, will join the board of directors at Molecular Partners.

Christian Zahnd, CEO of Molecular Partners, said, “We see this funding as a very strong validation of our company, the lead compound, and the DARPin platform. It will allow us to take our lead programme through early clinical development, as well as to progress our pre-clinical pipeline towards the clinic.

Vainio said, “Molecular Partners is one of those rare companies that owns a technology platform that is broad and powerful enough to generate numerous successful pharmaceutical products.”