Synendos Therapeutics Expands Series A to CHF 24 million with new investment
BASEL, Switzerland, April 20, 2021 /PRNewswire/ -- Synendos Therapeutics (Synendos), a biopharmaceutical company focused on restoring the natural functioning of the endocannabinoid system to treat Central Nervous System (CNS) disorders, today announces an extension to its Series A financing with the addition of Ysios Capital to its syndicate of European investors. Ysios Capital's contribution brings the total raised to CHF 24 million, following a Series A financing co-led by Kurma Partners and Sunstone Life Science Ventures announced in November 2020.
Synendos is developing first-in-class inhibitors that modulate a newly identified drug target in the body's endocannabinoid system, a key neuromodulator system in the CNS, enabling restoration of endogenous cannabinoid levels that are suppressed in certain pathological conditions. Proceeds from the financing will be used to complete preclinical development and advance Synendos' lead drug candidate through safety and proof-of-concept clinical studies in relevant and well-defined disease indications.
Synendos has also secured a two-year grant from the Eurostars funding programme (EU funding scheme), named EndoCARE, to work as part of a group of four corporations and one academic institution. EndoCARE aims to expand proof-of-mechanism preclinical studies of the first effective and safe pharmacotherapy for the treatment of post-traumatic stress disorder (PTSD) through the restoration of endocannabinoid homeostasis. EndoCARE also aims to explore potential biomarkers for early clinical studies.
Furthermore, Synendos announces the appointment of Professor Jutta Heim as Chair to the Board.
Dr Andrea Chicca, Co-founder and CEO of Synendos Therapeutics, commented: "As we continue to make promising progress at Synendos, we are very pleased to announce this series of positive developments, which reflects a recognition of the potential our innovative approach presents in addressing unmet needs in CNS treatment.
"We are very pleased to both welcome Ysios Capital to our investment syndicate and to have Jutta as Chair. Their expertise will be invaluable as we target the development of a novel drug technology to address CNS disorders. We are also excited to have been chosen by a prestigious EU funding scheme for a pioneering R&D collaboration alongside top-quality private and academic partners.
"Looking ahead, Synendos is on track to start IND enabling studies this year as we work towards reaching a clinical inflection point in the development of novel drug technology to help combat anxiety, mood and stress-related disorders."
Dr Raúl Martín-Ruiz, Partner at Ysios Capital, added: "We are very pleased to become investors in Synendos, a company that we have been monitoring since its inception. Their innovative approach to restore the natural functioning of the endocannabinoid system by modulating the levels of endocannabinoids has a great potential in terms of efficacy and safety for CNS disorders.
"This investment has a clear fit with Ysios' strategy of supporting companies developing disruptive and breakthrough therapeutics for indications with clear unmet medical needs. We look forward to contributing to its success together with the team and our co-investors."
Professor Jutta Heim said: "Synendos is developing a very exciting pipeline of molecules targeting the brain's endocannabinoid system for application in pioneering CNS therapies. I am very much looking forward to working closely with the team and my Board colleagues as we shape the next chapter in Synendos' progress to deliver future success."
Professor Heim worked for more than 20 years at Ciba-Geigy/Novartis (CH and US) with increasing range of responsibilities, most recently as global head of lead discovery. Before she was elected to the boards of several emerging biotech companies, she led the discovery activities of Basilea Pharmaceutica AG and of Evolva SA.
About Synendos Therapeutics
Synendos Therapeutics is a biopharmaceutical company developing a new class of small molecules aimed at restoring the natural functioning of the endocannabinoid system in the brain with the potential for treating a wide range of Central Nervous System (CNS) disorders. Incorporated in April 2019, Synendos Therapeutics was spun out of the University of Bern and the drug discovery consortium, NCCR TransCure. The company's novel technology stems from 10 years of solid research on endocannabinoid biology and pharmacology carried out at the University of Bern by co-founders, Professor Jürg Gertsch and Dr Andrea Chicca, and centres around the development of selective endocannabinoid reuptake inhibitors (SERIs). SERIs act by increasing the levels of endogenous cannabinoids in a self-limiting mode of action, representing an innovative and potentially safer therapeutic approach to CNS disorders, associated with anxiety, mood and stress-related disorders, than is currently available. www.synendos.com Twitter @Synendos
SERIs are first-in-class endocannabinoid system modulators that mildly and selectively increase endogenous cannabinoids levels by inhibiting a newly identified drug target. SERIs act with a self-limiting mechanism of action that enables a fine-tuned modulation of synaptic transmission in major neuronal circuits in the CNS. The new mode of action of SERIs represents an innovative and potentially safer therapeutic approach to CNS disorders associated with anxiety, mood.
About Ysios Capital
Ysios Capital, a leading Spanish venture capital firm, provides private equity financing to early and mid-stage life science companies that develop disruptive therapeutic products and platform technologies. Founded in 2008, Ysios Capital manages over €350M through three dedicated funds in life sciences and is led by a team of professionals experienced in building biotech companies. For more information, please visit: www.ysioscapital.com Twitter @YsiosCapital
About Eurostars Funding Programme
Eurostars is a European joint programme, co-funded from the national budgets of 36 EUREKA countries and by the European Union through Horizon 2020. Eurostars has been carefully developed to answer to the specific needs of the R&D-performing SMEs, and targets the development of new products and services, giving easier access to international markets, thanks to the transnational nature of each project consortium.
Eurostars applications pass through a highly-competitive selection process, being scrutinised by a panel of international research and business experts, to ensure that only the best business ideas and strongest partnerships get the support they need.
SOURCE Synendos Therapeutics
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