French Biotech gets €34M to bring Multiple Sclerosis Drug to the US

11/04/2016 - 3 minutes

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.

medday_neurology_multiple_sclerosis_md1003Based 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.

Now, MedDay has raised an additional €34M from existing investors, Sofinnova and Bpifrance (through InnoBio and Large Venture).

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,

This content is available exclusively to our paying members.

Our members receive the following benefits:

  • Unlock premium articles
  • Download our industry reports
  • Remove all banner ads
  • Access 1,500+ archived posts
  • Support our independent media
Already a member? Sign in
Do you want to remove this advert? Become a member!
Do you want to remove this advert? Become a member!