Find Therapeutics Secures Series A Extension Financing
Find Therapeutics Inc., a biopharmaceutical company committed to developing innovative therapies for demyelinating diseases, has successfully closed its Series A Extension Round, raising CAD$10 million from current investors. This significant financing arrives following the positive outcomes of a Phase I clinical trial for its lead drug candidate, tasronetide. This first-in-class peptide is designed to target the NRP1/Plexin-A1 receptor complex with the aim of restoring natural remyelination in patients. Proceeds from the financing will be utilized for Phase 2-readiness activities, including an essential Phase 1b PET imaging clinical trial focusing on Multiple Sclerosis.
Appointment of Dr. Thierry Abribat
In addition to the financing news, Find Therapeutics is excited to announce the appointment of Dr. Thierry Abribat as the Executive Chairman of the Board of Directors. Dr. Abribat, who has previously joined Find's Board earlier this year, succeeds Paul F. Truex, who will continue to be an active member of the Board. Dr. Abribat is a distinguished biotech executive known for his successful track record in founding and successfully exiting multiple companies. In his new role, he will support Find Therapeutics’ Interim President and CEO, Dr. Frédéric Lemaître Auger, in steering the company’s strategic vision and operational activities.
Confidence in Future Growth
Dr. Lemaître Auger expressed enthusiasm regarding the Series A extension, stating, "This financing highlights the unwavering confidence our investors have in Find's mission and our recent advancements." He added that the additional funds are poised to propel their pipeline forward effectively, enabling the execution of a de-risking Phase 1b PET trial, thereby paving the way for advancing to Phase 2. He further welcomed the strategic value that both Thierry and Paul bring to the team as they continue to refine their programs and prepare for future growth.
Dr. Abribat’s Vision
Dr. Thierry Abribat expressed his excitement about taking on the executive role at such a pivotal moment for Find Therapeutics. He noted that the company’s leading clinical program, tasronetide, is built on promising scientific foundations, with preclinical data supporting its distinctive therapeutic profile. Dr. Abribat emphasized the company's deep commitment to introducing a vital therapeutic options for patients experiencing demyelinating diseases and conveyed his eagerness to collaborate closely with the Board and leadership team to usher in the next growth phase.
Tasronetide: A Game Changer
At the heart of Find Therapeutics' strategy is its clinical drug candidate, tasronetide, well-regarded for its unique approach as a remyelinating agent targeting Chronic Optic Neuropathy and Multiple Sclerosis (MS). This peptide selectively engages with the transmembrane domain of the NRP1/Plexin-A1 receptor complex, which is often overexpressed in the brains of individuals with MS and has been shown to inhibit crucial processes necessary for the differentiation of oligodendrocyte precursor cells into myelinating oligodendrocytes. Remarkable preclinical findings highlight tasronetide's capability in neuroprotection and robust myelin repair activity. Furthermore, recent Phase I clinical trials confirm tasronetide's safety and tolerability.
About Find Therapeutics
Find Therapeutics stands at the forefront of clinical-stage biopharmaceutical innovations, focusing on the creation of next-generation therapies specifically tailored for demyelinating diseases like Chronic Optic Neuropathy and Multiple Sclerosis. The company leverages cutting-edge technology and expert knowledge from its scientific founder, Dr. Dominique Bagnard, Professor at the University of Strasbourg. This collaboration is made possible through an exclusive licensing agreement with SATT Conectus. For further details about Find Therapeutics and its compelling work, you are encouraged to visit their official website.
Frequently Asked Questions
What recent financing has Find Therapeutics announced?
Find Therapeutics recently confirmed the closure of a CAD$10 million Series A Extension Round from existing investors.
Who has been appointed as the new Executive Chairman?
Dr. Thierry Abribat has been appointed as the new Executive Chairman of the Board.
What is tasronetide?
Tasronetide is a first-in-class remyelinating agent aimed at treating conditions like Chronic Optic Neuropathy and Multiple Sclerosis.
What will the funds from the recent financing be used for?
The financing will support Phase 2-readiness activities and a Phase 1b PET imaging clinical trial for Multiple Sclerosis.
What is Find Therapeutics' mission?
Find Therapeutics is dedicated to developing innovative therapies for demyelinating diseases, focusing on enhancing patient outcomes through scientific advancements.
