Inotrem S.A., a biotechnology company specialized in the development of immunotherapies targeting the TREM-1 pathway with potential applications for acute and chronic inflammatory syndromes, announced a ‚Ç¨5M capital increase financed by Fountain Healthcare Partners, a leading Irish venture capital firm with offices in Dublin and New York. This fundraising brings Inotrem‚Äôs Series B financing to a final closing amount of ‚Ç¨44 M. In addition, the Company secured a ‚Ç¨13 M credit line from Kreos Capital, Europe’s largest provider of specialty finance to growth companies, and a ‚Ç¨1 M loan from Bpifrance, France‚Äôs public investment bank, bringing the fundraising to a total of ‚Ç¨58 M of equity and debt.
The financing will support Inotrem‚Äôs R&D effort, in particular of its lead drug candidate, nangibotide, which is currently undergoing a global multicentric Phase IIb trial in septic shock patients (ASTONISH trial) in 5 European countries and the United States, and of a companion diagnostic tool aimed at selecting those septic shock patients that are more likely to respond favorably to treatment. Financing will also allow the Company to expand its TREM-1 franchise to address chronic inflammatory diseases.
“With Fountain Healthcare Partners joining our pool of world-class investors, Inotrem is in an ideal position to advance its market-breaking technology platform centered on the TREM-1 pathway and bring new immunotherapies to patients and the medical community”¬†said Jean-Jacques Garaud, CEO of Inotrem.
Based on a novel approach of immunomodulation which targets the TREM-1 pathway, Inotrem has developed a proprietary technology platform and leverages its extensive knowledge of the TREM-1 pathway biology to develop programs in several indications with inflammatory syndromes for which there is a major and today unsatisfied therapeutic need. Its lead compound, nangibotide, targets septic shock which is the ultimate complication of sepsis. The incidence of septic shock continuously raises and mortality remains elevated (35%) in developed countries. There is currently no specific mechanism-based therapy approved for this indication. Inotrem‚Äôs solution has the potential to become the first mechanism-based treatment for septic shock.
“Inotrem has demonstrated its ability to reach several critical milestones and we are delighted to back this team. The TREM-1 pathway is extremely compelling and has great potential to bring solutions to patients that today lack effective therapies“, indicated Ena Prosser of Fountain Healthcare Partners.
In conjunction with the financing, Ena Prosser of Fountain Healthcare Partners will become a member of Inotrem‚Äôs Board of Directors, and Aris Contantinides of Kreos Capital will become an observer on Inotrem‚Äôs Board of Directors.