Cerenis scores $65M for R&D for HDL therapy

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To assist in the development of its CER-001, an HDL therapy to prevent and treat cardiovascular disease, Cerenis Therapeutics has raised €40 million ($51.7 million U.S.) in series C financing and has been granted €10.7 million ($13.8 million U.S.) by French government organization OSEO.

With help of the OSEO government grant, the Toulouse, France-based Cerenis, along with the Pompey, France-based Novasep, is seeking to develop the HDL therapy that works by removing lipids from peripheral tissues and atherosclerotic plaques (reverse lipid transport).

The drug, which has been in process development since 2007 is currently in phase 1 clinical development as a treatment for post-acute coronary syndrome. Under the current funding agreement, Novasep will undertake the global manufacturing of clinical and initial commercial supplies for the drugs development.

In the current round of its series C funding, €20 million ($25.9 million U.S.) was provided by the Fund for Strategic Investment with the other €20 million ($25.9 million U.S.) from company investors including: Sofinnova Partners, HealthCap, Alta Partners, TVM Capital, EDF Ventures, as well as OrbiMed and DAIWA Corporate Investment.

Total capital raised by the company has reached €107 million ($138.3 million U.S.), and the current round of funding will be put towards the phase II development of the HDL therapy.