Funding round completed
Apitope International NV, the developer of novel peptide-based therapies for autoimmune diseases and allergies, has raised €10 million in Series A funding. The company has its origins in research into autoimmune diseases carried out at the University of Bristol by the scientific founder, David Wraith.
The fundraising was co-led by LRM and Vesalius Biocapital. Other investors in the round included VINNOF and the University of Hasselt (UHasselt), Belgium. Innovator Capital, the London-based investment bank, advised on, and managed, the capital raising for Apitope.
The funds will be used to further develop ATX-MS-1467, which is due to enter Phase II trials next year to treat multiple sclerosis.
David Wraith, CSO, of Apitope said: “This important new funding builds on the outstanding results of our first clinical trial funded by the Wellcome Trust and with the support of the University of Bristol. We will now build on the strong synergies between the teams in Bristol and Hasselt to secure our leading position in the field of autoimmunity.”
“This strategic collaboration with Apitope, financially supported by a strong syndicate of life science investors, confirms our leading position in this field.” added Professor Piet Stinissen, Director of BioMed, UHasselt. “This partnership not only allows us to leverage our know-how and intellectual property beyond the academic environment, but is also a powerful incentive for the expansion of the life science industry in our region.”
In addition to the financing, Apitope signed a strategic collaboration with UHasselt and acquired intellectual property rights to novel diagnostics for the early detection of autoimmune diseases.
As part of this financing round, Apitope set-up a new holding company, Apitope International NV, headquartered in Diepenbeek, Belgium. All therapeutic programmes will continue to be developed in the Bristol-based subsidiary with development of the novel autoimmune disease diagnostic products concentrated in Diepenbeek. The company is also developing a diagnostic product for multiple sclerosis and treatments for Factor VIII resistance and Type I diabetes.
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