VarmX, a biotechnology company focused on developing innovative approaches to anticoagulation reversal, has raised an additional €30 million ($32.2 million) in its Series B2 financing round.
The round was led by Sound Bioventures while the European Innovation Council Fund (EIC) also joined as new investors. Longtime investors EQT Life Sciences (formerly LSP), Inkef, Lundbeckfonden BioCapital, Ysios Capital, BioGeneration Ventures (BGV), InnovationQuarter (IQ) and Libertatis Ergo Holding (LEH) all participated in the Series B2 round.
The proceeds from the financing will enable VarmX to obtain new drug under investigation (IND) approval for its lead compound VMX-C001 and to complete preparation for important clinical trials, including large-scale manufacturing..
VarmX has completed its first human study registration VMX-C001, to demonstrate safety and provide clinical proof of concept for the compound. The company will present preliminary data at the International Society on Thrombosis and Haemostasis conference in Montreal in June. Full study results will be available later this year.
VarmX wants to reduce risk
VMX-C001 is a modified human blood clotting factor recombinant that allows blood to clot normally in the presence of blood clotting factor inhibitor factor Xa. It is being developed with the aim of facilitating the rapid, safe and effective treatment of severe spontaneous bleeding in patients taking direct oral anticoagulant blood-thinning drugs (DOACs) and, in addition, to enable patients on this class of blood thinners to undergo an emergency. surgery without the bleeding risk associated with FXa DOACs.
These compounds have strong and distinct potential profiles, including universality and single-dose reversal, ease of use and safety supporting emergency treatment use, and promise for application in other indications.
Jan Öhrström, CEO of VarmX, said: “We are excited to welcome Sound Bioventures and EIC Fund to our strong syndicate of leading life science investors as we move into the next stage of VarmX’s growth path. Factor Xa-DOAC-induced bleeding is becoming an increasingly common problem as the use of this anticoagulant increases, including due to the future availability of generic drugs, and more users experience bleeding problems. However, the opportunities for effective and safe treatment to prevent spontaneous bleeding, especially during surgery, remain limited. This funding will enable us to advance the development of our VMX-C001 program and bring it closer to helping patients.”
Casper Breum, managing partner at Sound Bioventures, said: “We believe that the VMX-C001 can be a different new option for hundreds of thousands of patients around the world, which is why we wanted to be part of this B2 Series round. The availability of DOAC Factor Xa reversal agents is limited and we believe VMX-C001 can make a significant difference.”
Hermann Hauser, EIC Fund Board member, added: “The EIC Fund aims to support European innovators in enhancing their journey and VarmX is a great example of how the European Union is helping top innovators. The EIC Fund’s ambitious commitment, along with other investors, is an important step towards driving their development and bringing their innovation closer to patients.”