Lyon, France-based clinical-stage biopharmaceutical company developing next-generation molecules targeting cancer resistance, Netris Pharma raised EUR 7.5 million in Series A extension. The company announced the investment on December 19, 2023. Meanwhile, new investors, including the EIC Fund, following selection for the EIC accelerator program led the financing for the company.
Purpose of the financing for Netris Pharma
The company has plans to deploy the funds from recent financing to reach all endpoints of its clinical development plan and for corporate development purposes. NETRIS Pharma is currently evaluating its lead asset NP137, a monoclonal antibody targeting NETRIN-1, in five clinical trials in combination with chemotherapies or immunotherapies as a new path to alleviate resistance to these therapies.
With the latest proceeds, the ongoing Series A funding amounts to EUR 24.4 million.
What the Netris Pharma official has to comment
Christophe Guichard, NETRIS Pharma’s Chief Financial Officer, commented, “NETRIS Pharma continues to deliver on its overall development plan despite challenging times for biotech fundraising. This funding extension reflects the strong impact of the recent back-to-back publications in Nature® highlighting the promising mode of action of our lead product NP137 and will take us to significant value inflexion points in the next 12 months from our five ongoing proof-of-concept clinical trials.”
Patrick Mehlen, Chief Executive Officer of NETRIS Pharma, said, “The recruitment of Fabien is a further step in NETRIS Pharma’s growth in advance of the multiple clinical readouts expected in the coming months. We look forward to working together in raising the profile of the company and strengthening our relationships with pharmaceutical companies and other strategic partners.”
Jean-Pierre Bizzari, Chairman of the Board of Directors, further commented, “This successful fundraising is a further demonstration of the progress NETRIS Pharma has achieved and the promise of its clinical development pipeline. On behalf of the Board, I’d like to welcome Gabriela to the Company. Gabriela brings a wealth of regulatory experience with an outstanding track record of overseeing the regulatory approval process for 12 NMEs in oncology. I look forward to further complementing our Board of Directors with additional leading individuals from the pharma industry to help guide NETRIS as we continue our rapid progress.”
About NETRIS Pharma
NETRIS Pharma is a clinical-stage company that designs and develops anti-cancer therapeutic molecules, particularly monoclonal antibodies, targeting resistance to oncology treatments. The company’s flagship product, NP137, is the world’s most advanced product candidate targeting netrin-1.
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