Funxional Therapeutics raises 10 million Euros in a private Series B financing round to fund the initial Phase II clinical studies of FX125L in inflammation

Funxional Therapeutics Ltd (Funxional Therapeutics) announced today the completion of a Series B financing round in which it raised a total of EUR 10 million (US$ 12.5 million). Ventech participated as a new investor in this round, together with existing investors Index Ventures and Novo A/S.

The capital raised enables Funxional Therapeutics to further progress the development of novel anti-inflammatory therapies that belong to a new class referred to as Broad Spectrum Chemokine Inhibitors (BSCIs). The Company’s lead drug candidate, FX125L, an orally available small molecule, is ready for Phase II studies in different inflammatory conditions. The preclinical development of back-up compounds to FX125L will also be advanced in parallel.

Earlier this year, Funxional Therapeutics announced the successful completion of the Phase I clinical programme of FX125L, which involved over 100 healthy subjects in a single and a multiple ascending dose studies conducted in the US. In these studies, FX125L was administered orally once daily and showed consistently an excellent safety, tolerability and PK profile.

Karl Naegler, who will join the board of Directors of Funxional Therapeutics on behalf of Ventech commented, “Ventech is very excited to have participated in this round of financing. Funxional’s management team have pioneered the BSCI field and demonstrated significant expertise in the clinical development of FX125L to date. We look forward to the next development phase of the company and FX125L.”

Konstantinos Efthymiopoulos, CEO of Funxional, added “We were very pleased to have high demand in this financing round and are delighted to welcome Ventech and Karl, who will bring significant sector expertise and further strengthen the company.”

www.funxionaltherapeutics.com