Investee Company – Newron Pharmaceuticals SpA (Italy)
Investee Company Business Type – Develops drugs focused on ion channel-based therapies for diseases of the central nervous system (CNS)
Type of Financing – Early stage
Equity Providers – Apax Partners
Equity Leader (Individual) – Dr. Laurent Ganem, Apax Partners
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – euro6.5 million
Total Deal Value – euro6.5 million
Other Advisors – N/A
Comments – Gerenzano-based Newron Pharmaceuticals SpA has today announced the completion of its second round of financing with an additional closing of euro6.5 million invested by Apax Partners. The expansion of the round brings the company’s second round fund raising effort to euro25 million. In April 2002, Newron raised euro18.5 million from Atlas Venture and 3i Group in an initial closing.
The financing will allow the company to fund the ongoing clinical evaluation of Newron’s compound, safinamide, for the treatment of epilepsy and Parkinson’s disease, advancement of new products into clinical trials, broadening of development capabilities while opening the opportunity to consider licensing-in of additional products.
Newron is headquartered near Milan and is currently conducting multiple phase II clinical trials with safinamide, a sodium and calcium channel blocker, as a potential treatment for epilepsy and Parkinson’s disease. The clinical pipeline of the company is supported by a portfolio of earlier stage products utilising the company’s speculated adaptive competence in combinatorial chemistry and biology.
Dr Luca Benatti, CEO of Newron said: “The addition of Apax Partners further strengthens our existing investor base and will allow us to put in place additional steps from our strategic plan, including our business development plans.”
Newron was founded in 1999 with seed financing from 3i Group. To date Newron has raised a total of euro38.5 million from venture capital sources and government grants.