MedDay (France) has raised €34M that should help pay a US phase III for its leading candidate for Multiple Sclerosis – as well as its commercial launch in Europe.
Based in Paris, MedDay is a Biotech developing new drugs targeting brain metabolism to treat diseases of the nervous system.
Its leading candidate, MD1003, has a mixed track record. It has shown good results in Multiple Sclerosis (MS) in a phase III trial, but failed to meet primary endpoint in another phase III trial for MS-Optical neuritis (a form of chronic loss of vision). MD1003 is currently supplied in Europe on a named patient basis.
It also snatched up a new investor – Edmond de Rothschild Investment Partners (EDRIP), a big French VC that manages approximately €1.3Bn.
These new funds will enable MedDay to conduct a phase III trial (SPI2) in the US,