STOCKHOLM (dpa-AFX) - EQT AB (EQBBF,EQT.ST), an equity and venture capital firm under the life sciences category, announced that its LSP Dementia Fund has co-led a 51 million euros Series B financing for Exciva GmbH, a clinical-stage biopharmaceutical company developing therapies for behavioural symptoms associated with Alzheimer's disease.
The LSP Dementia Fund, managed by EQT Life Sciences, seeks to invest in innovative companies focused on neurodegenerative diseases with dementia that have products or technologies targeting underlying neurodegenerative processes or their symptoms and signs, primarily in Europe and the US. Investments range between 5 million EUR and 25 million EUR.
Financing was co-led by EQT Life Sciences and Gimv NV, with participation from Fountain Healthcare Partners, LifeArc, Carma Fund, Modi Ventures, and returning investors Andera Partners and LBBW.
Specifically, Series B financing will support Exciva's Phase 2 clinical trial of its lead candidate, Deraphan, for agitation associated with Alzheimer's disease or AD. The clinical trial will be conducted in Europe, the UK, the US and Canada.
Deraphan, a combination of two clinically validated compounds including one new chemical entity, has demonstrated encouraging safety and tolerability in Phase 1.
François Conquet, CEO of Exciva, said that if the results of the Phase 2 trials are positive, it would be a significant milestone in symptomatic treatment options for patients with AD.
'We are delighted to co-lead this financing to help to realise Exciva's potential, which stands out for both the quality of its science and the expertise of its team. We look forward to bringing this innovation to patients.' Philip Scheltens, MD, PhD, Partner at EQT Life Sciences.
Over the year, EQBBF.OB has traded in a range of $24.70 and $39.55. It closed Friday's trade at $39.42, up 1.08%.
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