Synendos Therapeutics Expands Series A to CHF 24 million with new investment
· Ysios Capital joins existing syndicate co-led by Kurma Partners and Sunstone Life Science Ventures
· This investment brings total Series A financing to CHF 24 million to complete pre-clinical development and progress lead candidate through proof-of-concept clinical studies
· In addition, Synendos Therapeutics secures prestigious Eurostars grant (EU funding scheme) to expand proof-of-concept preclinical studies for PTSD
· Professor Jutta Heim appointed as Chair to the Board
BASEL, Switzerland – 20 April 2021 – 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.
Dr Andrea Chicca | Co-Founder & Chief Executive Officer