Minoryx Therapeutics (Barcelona, Spain), a company specializing in the development of new drugs for orphan diseases, announced the completion of a Series B funding round of €21.3 million.
The proceeds will enable the company to expand the list of indications for its lead compound, MIN-102, as well as to conduct a new clinical trial for a second orphan central nervous system (CNS) indication.
MIN-102 is a novel, orally bioavailable and selective PPAR gamma agonist with a superior profile for central nervous system-related diseases. It is currently in a phase 2/3 clinical trial for the treatment of adrenomyeloneuropathy (AMN). The trial enrolls adult male patients affected by AMN, the most frequent phenotype of X-linked adrenoleukodystrophy (X-ALD), in Europe and the US, with results expected in 2020.
“The proceeds of the round will allow the company to demonstrate the potential of MIN-102 in new indications,” said Marc Martinell, co-founder and CEO of Minoryx. “These indications for MIN-102 include neuroinflammatory conditions such as cerebral ALD (cALD) as well as multiple neurodegenerative diseases.”
Minoryx is a clinical stage biotech company leading the development of new therapies for X- ALD and other rare diseases with a high unmet medical need. The company’s leading program is MIN-102, which has potential for multiple CNS indications beyond X-ALD. The Minoryx team consists of a group of drug discovery and development experts with several decades of experience in biotech and pharma. The company is backed by a syndicate of experienced investors and has support from a network of other organizations. Minoryx was founded in 2011 and has raised a total of €50 million.