Suresnes, a France-based biotech-company developing treatment ATX01 for chemotherapy-induced peripheral neuropathy (CIPN), AlgoTx raised EUR 20 million in Series B. The round took place on March 14, 2023. Relyens Innovation Santé / Turenne Capital led the financing for the company. Meanwhile, UI Investissement and Bpifrance, through its Innobio 2 fund and Omnes Capital, joined in the round. The Series B round saw the participation of early as well as new business angel investors. Besides, the company raised an additional EUR 1 million in non-dilutive financing.
Purpose of investment for AlgoTx
With the latest proceeds from the Series B round, The company seeks to accelerate its development efforts to demonstrate the clinical efficacy of ATX01 in neuropathic pain.
What the company’s official has to say
Stéphane Thiroloix, Founder & CEO of AlgoTx, said, “It is incredibly exciting to start the efficacy trials of ATX01, supported by such a high-profile syndicate of investors. We look forward to enrolling patients in our studies any day now.”
What the investors have to add
Pauline de Breteuil, Senior Partner UI Investissement / FCPI Majycc Innovation Santé, further said, “We are very pleased to support the AlgoTx team in the development of ATX01, driven by our belief in its significant impact in the treatment of CIPN and other neuropathic pain. AlgoTx can truly transform the lives of patients suffering from these conditions.”
In addition, Bervin Bouani, Investment Director at Turenne Capital, commented, “We are very proud to lead this strategic financing round to support AlgoTx to continue the clinical development of ATX01 lead candidate that has the potential to significantly improve the lives of patients with neuropathic pain. We look forward to working with Stéphane and his outstanding team to transform AlgoTx into a global pain player.”
About the company
Oliver Bohuon and Stéphane Thiroloix launched the company in 2018. The France-based European biotech company is the developer of the first-in-class treatment ATX01 for chemotherapy-induced peripheral neuropathy.
In Phase 1, the company demonstrated ATX01’s early clinical safety and low systemic passage. However, its Phase 2 “ACT” study assesses ATX01’s ability to reduce pain in adult CIPN patients – a program granted “fast-track” designation by FDA. In parallel, the Phase 2 “EASE” study also explores ATX01’s efficacy in the debilitating pain of erythromelalgia, a program for which ATX01 was granted “Orphan Disease Designation” in the US and Europe.
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