12 April | 2022
SV Health Investors Joins Prilenia Series B as the Company Prepares for ALS and HD Data Readouts in the Next 12 Months
Second closing brings total capital invested in Prilenia since its founding to $144M
Houman Ashrafian, Managing Partner at SV Health Investors, to join Prilenia’s Board of Directors
Proceeds to support advancing the Company’s Huntington’s Disease (HD) and Amyotrophic Lateral Sclerosis (ALS) programs in preparation for upcoming milestones and pre-commercialization efforts
Naarden, NL, 12 April 2022 – Prilenia Therapeutics B.V., a clinical stage biotechnology company focused on the urgent mission to develop novel therapeutics to slow the progression of neurodegenerative and neurodevelopmental disorders, today announced that it has raised an additional $10 million, bolstering the Series B financing round and bringing total capital raised to date to $144 million.
The second closing includes new investor, SV Health Investors, a leading transatlantic venture capital and growth equity firm with offices in Boston and London committed to investing in tomorrow’s healthcare breakthroughs. SV joins Prilenia’s initial Series B investors Sands Capital, Forbion, Morningside, Amplitude Ventures, as well as Sectoral Asset Management, Talisman and the ALS Investment Fund. Proceeds from the financing will allow Prilenia to continue the strong momentum of its lead drug candidate, pridopidine, for patients with Huntington’s Disease (HD) and Amyotrophic Lateral Sclerosis (ALS) through 2024. Data readouts for both of Prilenia’s clinical trials are expected in the next 12 months.
In conjunction with the financing, Houman Ashrafian, Managing Partner at SV Health Investors, co-lead of SV’s Biotech franchise, will join the Company’s Board of Directors. The SV Biotech funds invest in companies built on novel science, seeking breakthroughs that address critical unmet medical needs with the potential to change the practice of medicine. Houman has significant experience in the biotech industry and a long history of building high value, successful new companies and bringing transformational drugs from discovery to market.
“Prilenia’s novel Sigma-1 Receptor agonist approach represents a promising therapeutic advancement for patients with HD and ALS – two devastating neurodegenerative diseases with an unmet need for treatment,” said Houman Ashrafian. “There is great potential behind pridopidine, and SV is looking forward to supporting the Company alongside the strong leadership track record of Dr. Michael Hayden and the Prilenia team.”
“Since Prilenia's founding, our commitment to patients has been the driving force behind all of our efforts, and these additional funds further support our mission of providing hope to patients and families,” said Dr. Michael R. Hayden, CEO and Founder of Prilenia. “We are passionate in our belief that innovative drug development can have a transformative impact on patients, and we are delighted to welcome SV and to have Houman join our board as we work with urgency to develop potentially life-changing therapeutics for neurodegenerative diseases.”
This second closing further strengthens Prilenia’s efforts and is backed by recent milestones, including the completion of patient enrollment in the Pridopidine Outcome On Function in Huntington’s Disease (PROOF-HD) Global Phase 3 Clinical Trial and the HEALEY ALS Platform Trial. In addition, Prilenia recently received Fast Track designation for pridopidine for the treatment of HD. This allows for more frequent communications with the FDA and may also qualify for accelerated approval and priority review of new drug applications. Upcoming milestones for the Company include sharing data from the HEALEY ALS Platform Trial in late 2022 and PROOF-HD top-line results in early 2023.
For further information, please contact:
Limor Ben Har, COO
Ten Bridge Communications