AbbVie backs an Italian startup focused on autoimmune diseases; BioTheryX advances AML drug with $35M D round
Italy’s Enthera Pharmaceuticals has grabbed a €28 million launch round to back its work on, laying bragging rights to the largest A round ever for an Italian biotech.
The company is using “nontraditional” tech to target autoimmune diseases, looking to re-establish stem cell capabilities in type 1 diabetes and inflammatory bowel disease.
Graziano Seghezzi, managing partner of Sofinnova Partners, co-seeded the company, with AbbVie stepping in to help out. This is AbbVie’s first investment in the Italian biotech scene.
CEO Giovanni Amabile said that “the funds raised will enable us to accelerate our lead program Ent001 to clinical proof-of-concept. Through this and the development of our wider pipeline, we have the opportunity to bring real hope to patients in need and to provide effective and safe treatments.”
BioTheryX adds a $35M D round as biotech venture pot swells
San Diego-based BioTheryX has garnered $35 million for its D round. And the CEO isn’t letting the occasion go past without touting the tech.
“We are pleased to have closed this financing that will enable us to accelerate expansion of our ongoing clinical trial of BTX-A51, which I believe may ultimately become one of the most significant innovations in the past 40 years for AML patients and their families,” said CEO David Stirling.
The biotech’s mission is “restoring protein homeostasis, including protein degradation and modulation, and multi-kinase inhibition to develop treatments intended to extend and improve the quality-of-life of patients with life-threatening diseases.”
MSD Partners led the round and their partner Robert Platek is joining the board.