Denmark-based clinical-stage biotech dedicated to developing novel and improved treatments for patients living with neuromuscular diseases, NMD Pharma raised EUR 75 million in Series B financing. The round took place on November 16, 2023. Current investor Jeito Capital led the financing for the company. The round also includes investments from other current investors, such as Novo Holdings, Lundbeckfonden BioCapital, INKEF Capital, and the Roche Venture Fund.
Purpose of financing for NMD Pharma
NMD Pharma is in the process of developing first-in-class small molecule inhibitors of the skeletal muscle-specific chloride ion channel (ClC-1). It seeks to enhance neuromuscular transmission with the potential to restore muscle function in a range of rare neuromuscular diseases.
With the latest financing, the company seeks to complete three Phase 2 studies with NMD670, the Company’s lead ClC-1 inhibitor. Furthermore, NMD Pharma has plans to expand its pipeline of ClC-1 inhibitor molecules and pursue undisclosed targets for the treatment of other neuromuscular diseases. In addition, the company has plans to fund the expansion of Pharma’s clinical and commercial operations in Denmark and in the US.
What the company’s official has to add
Thomas Holm Pedersen, Chief Executive Officer of NMD Pharma, said, “This funding will help NMD Pharma evolve significantly and enable us to become a late-stage clinical company with a pipeline of novel therapeutics in development for patients with neuromuscular diseases. I would like to extend my thanks to my team for their work making NMD Pharma the company it is today and for the support and trust shown by our investors, and in particular to Jeito Capital, for leading this round.”
In addition, Mike Heffernan, Chairman of the Board at NMD Pharma, said, “NMD Pharma has progressed its pipeline of first-in-class CIC-1 inhibitors from the laboratory to the clinic in several severe neuromuscular diseases. This financing round will be pivotal for the Company as we aim to deliver the next phase of growth to become a late-stage clinical company, supported by this new capital and expert investors who know us well and are experienced in building shareholder value.”
What the investors have to comment
Sabine Dandiguian, Managing Partner at lead investor Jeito Capital, further added, “Since we originally looked at NMD Pharma, we have been impressed with the Company’s unique expertise in a very specialized area. The Company has matured and grown significantly since our initial investment last year, and the recent positive clinical data has provided valuable validation. As such, we are very pleased to lead this new round and look forward to supporting Thomas Holm Pedersen, the CEO, and his talented team as they progress the NMD Pharma story to the next chapter with a joint ambition: provide patients with life-transforming benefits.”
About NMD Pharma
Claus Elsborg Olesen and Ole Bækgaard Nielsen launched the company in 2015. It is A/S is a clinical-stage biotech company developing a first-in-class platform of small molecule therapies selectively targeting the skeletal muscle chloride ion channel (ClC-1) for the treatment of severe neuromuscular disorders.
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