European clinical stage biotech company Creabilis raises €15M

Creabilis SA, a clinical stage European biotechnology company addressing unmet medical needs in dermatology, inflammation and pain, has raised €15 million ($20 million) in a Series B funding round led by Abbott Biotech Ventures. Existing investors Neomed and Sofinnova Partners, as well as private Italian investors, joined the round. The new funds will be used to finance the development of the company’s first-in-class treatments, including its lead product CT327 to the end of phase II.

CT327 is a novel topically applied TrkA kinase inhibitor developed using Creabilis’ Low Systemic Exposure (LSE) technology. Positive efficacy of CT327 has been seen in two Phase IIa studies, in both psoriasis and atopic dermatitis, in which CT327 was well tolerated and demonstrated a good safety profile. CT327 is also in development for the treatment of pain, with proof-of-concept trials currently underway.

The company’s pipeline also includes CT637, a new approach to the treatment of significant inflammatory and autoimmune conditions and CT340, a potent TrkA kinase inhibitor that has therapeutic potential in a broad range of inflammatory conditions. CT637 and CT340 are anticipated to reach Investigational New Drug application (IND) stage of development in early 2012.

Dr Eliot Forster CEO of Creabilis said: “This new funding reflects the medical importance and significant commercial potential of our drugs pipeline. In Abbott Biotech Ventures, we have added another leading life science investor into the Company. Their involvement, and the ongoing support of our existing investors, demonstrates their confidence in the Company and in our ability to drive our projects forward.”