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,

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