NorthSea Therapeutics, (\u2018NST\u2019) a Dutch biotech company\ndeveloping novel and innovative strategies for the treatment of NASH\n(Non-alcoholic Steatohepatitis) and other metabolic, inflammatory and fibrotic\ndiseases, today announced the closing of a US $40 million (\u20ac36 million) Series\nB financing round.<\/p>\n\n\n\n
NST welcomes new US investors venBio Partners, which led the\nSeries B round, and Sofinnova Investments. Existing investors, Forbion, Novo\nSeeds, New Science Ventures (NSV) and BioGeneration Ventures (BGV) all\nparticipated.<\/p>\n\n\n\n
Richard Gaster, M.D., Ph.D., Principal at venBio Partners\nand Maha Katabi, Ph.D., CFA, Partner at Sofinnova Investments, will join NST\u2019s\nboard of directors.<\/p>\n\n\n\n
The proceeds of this fundraising will be used by NST to\ndrive the development of its pipeline of SEFA (Structural Engineered Fatty\nAcids) programs. The Company will develop two additional SEFAs within its\nclinical pipeline in addition to completing the Phase 2b with its lead candidate\nIcosabutate.<\/p>\n\n\n\n
Icosabutate, NST\u2019s lead product, is a structurally designed\nfatty acid that regulates pivotal pathways involved in hepatic lipids,\ninflammation and fibrosis. In September 2019, NST announced that it had dosed\nthe first patient in its Phase 2b dose ranging ICONA study (ICOsabutate in\nNASH) and that around thirty clinical trial sites have been initiated in the\nUS.<\/p>\n\n\n\n
NST\u2019s second SEFA program is SEFA-1024 for dyslipidaemia, a\ncondition where there is an abnormal amount of triglycerides and\/or atherogenic\ncholesterol in the blood. Severe or untreated dyslipidaemia can lead to a\nvariety of serious health conditions including coronary artery disease (CAD)\nand peripheral artery disease (PAD). The Company aims to initiate a Phase 1\nstudy in the second half of 2020.<\/p>\n\n\n\n
The third SEFA program is SEFA-6179 for the orphan\nindication, PNALD (Parenteral Nutrition-Associated Liver Disease). PNALD is a\nliver disease that affects patients with intestinal failure who are dependent\non total parenteral nutrition; this is where nutrition is administered to the\npatient via alternative routes to the mouth or alimentary canal. The disease\nrepresents a high unmet medical need as there are currently no approved\ntreatments available. NST\u2019s aim is to initiate a Phase 1 study in the first\nhalf of 2021.<\/p>\n\n\n\n
Rob de Ree, NST\u2019s CEO, commented: \u201cWe are delighted to start\nthe year with a successful Series B financing, which brings both US investment\nand expertise to our shareholder syndicate and to our Board. The great support\nfrom both new and existing shareholders will enable us to leverage our SEFA\ntechnology and to enter the clinic with two new clinical programs within the\nnext 18 months. Both new programs have the potential to have a significant\nimpact on patient care.\u201d<\/p>\n\n\n\n
Sander Slootweg, NST\u2019s Chairman of the Board and Managing\nPartner of Forbion, said: \u201cWe are very pleased to have added venBio and\nSofinnova to our shareholder\u2019s base. As both parties only selectively invest in\nEurope, we see this as a true testimony to the excitement of our most advanced\ndrug candidate Icosabutate and our SEFA platform. With the proceeds of this\nround we expect to show both the breadth and strength of our technology in\npatients and establish SEFAs as a new and exciting therapeutic modality.\u201d<\/p>\n\n\n\n
Richard Gaster, Principal at venBio Partners, added: \u201cNorthSea Therapeutics\u2019 structurally designed fatty acid platform has generated compounds with the potential to address a diverse set of metabolic disorders. The Company will initially focus on NASH, which we believe is an area of large unmet medical need and where we are confident there is room for multiple successful approaches with the right cardiometabolic profile. We are excited about Icosabutate based on its impressive clinical data in patients with dyslipidaemia, and robust pre-clinical data in a number of models of NASH. This financing will enable NST to complete its ongoing Phase 2b trial in NASH before the vast majority of NASH assets currently in clinical development. Given the management team\u2019s stellar track record, we are very optimistic and confident about the future.\u201d<\/p>\n\n\n\n