Confo Therapeutics, a clinical-stage company and leader in the discovery of medicines targeting G-protein coupled receptors (GPCRs), announced the closing of a EUR 60M Series B financing. The round was led by Ackermans & van Haaren (AvH) and included participation from additional new investors, Driehaus Capital Management and Quest for Growth (QfG), as well as existing investors, BioGeneration Ventures (BGV), Capricorn Health-tech Fund (CHF), Fund+, MINTS (University of Michigan), Perceptive Advisors, Qbic, PMV, V-Bio Ventures, VIB and Wellington Partners.
The proceeds will be used to advance two, wholly owned programs through Phase 1 and two additional programs to IND approval, including molecules targeting GPR75 for obesity. Confo will expand its portfolio of GPCR-targeting small molecules and therapeutic antibodies, which includes an emphasis on agonistic antibodies.
“With the support from our experienced international investor syndicate, we plan to accelerate our ambitious development pipeline,” said Cedric Ververken, CEO of Confo Therapeutics. “Our plans include potential new therapies for severe rare endocrine diseases, as well as next-generation obesity drugs which could be used in combination with, or as an alternative to, GLP-1R agonists.”
Jeroen Vangindertael, Investment Manager at AvH added: “We have followed Confo’s development and have been repeatedly impressed with Confo’s proprietary platform and its experienced team, as well as their strategy for novel treatments in obesity and rare endocrine disorders. We are especially excited by the remarkable ease with which Confo can discover agonistic antibodies directed to GPCRs, opening up a new route to generating novel medicines. We feel privileged to contribute to the mission of Confo Therapeutics and its exceptional management team together with this syndicate of specialist life science investors.”
As part of the Series B financing round, Dr. Vangindertael will join Confo’s Board of Directors, and Mr. Alex Munns, Assistant Portfolio Manager at Driehaus, will be appointed as Board Observer.
“I am delighted to welcome our new investors and thank them for their support as we enter our next phase of development,” said Dieter Weinand, Independent Chairman of the Board of Confo Therapeutics. “In combination with the continued backing of our existing investors, the team will be able to focus on advancing these therapeutic candidates to benefit patients living with metabolic and endocrine disorders.”
SOURCE: Businesswire