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Faust Pharmaceuticals SA has announced the closure of a €8.2 million bridge financing from existing investors, creating the platform for a third-round funding in which the central nervous system specialist hopes to raise between €25 million and €35 million.
The bridge funding came from Sofinnova Partners, Auriga Partners, Siparex Ventures, Edmond de Rothschild Investment Partners, AGF Private Equity, and CDC Entreprises - FCJE (Fonds de Co-investissement des Jeunes Entreprises).
Strasbourg-based Faust will spend the money raised in the third round on the further development of its portfolio including, Phase IIb development of its lead compound, FP0011, a small molecule glutamate inhibitor initially targeting Parkinson's disease; development of FP0023, a small molecule that activates production of utrophin for treating Duchenne muscular dystrophy; and the further development of FP1770, a small molecule glutamate agonist which is scheduled to enter pre-clinical development early next year in treating Parkinson's disease.
In addition the company intends to in-license further clinical stage compounds and continue development of its Neuroclid GPCR drug discovery platform.
Thomas Seoh, CEO of Faust, said the bridge financing will provide a solid foundation for the planned round.
Faust was formed in October 2001 as a spin out from France’s Centre National de la Recherche Scientifique’s Cellular and Molecular Biology Laboratory. The company raised €3 million in its first round and €16 million in the second.
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