Strekin has closed a Series C financing round that will fund the progression of its lead candidate for hearing loss to Phase III.
Based in Basel, Strekin focuses on repurposing existing drugs by discovering new mechanisms of action. The company has now received €9.2M (CHF 10M) in Series C to fund the company’s activity until 2019 and proceed into Phase III with its lead candidate, STR001.
STR001’s active ingredient is pioglitazone, a PPAR agonist currently approved to treat type 2 diabetes that the Swiss biotech has found to be effective in preventing damage to auditory hair cells. STR001 is currently being investigated in a Phase II trial to preserve hearing in patients receiving a cochlear implantation surgery, an indication for which Strekin received orphan drug designation in Europe last year.
Image via Khamidulin Sergey / Shutterstock