Innovative Molecules raises EUR20 million Series A equity financing round
Innovative Molecules, a German, Munich-based drug development company focused on developing next-generation treatments for Herpes simplex-induced diseases, has closed a EUR20 million Series A equity financing round led by LSP (Life Sciences Partners).
The company will use the funds to advance its preclinical product candidate, IM-250, from the current late preclinical stage to a Phase 2 proof-of-concept study.
IM-250 is a potent inhibitor of Herpes Simplex Virus type 1 (HSV-1) and type 2 (HSV-2) replication. The compound targets the helicase-primase enzyme complex of the virus. Due to its demonstrated impact on the viral reservoir in preclinical studies, IM-250 may become a game-changer for the treatment of HSV-related diseases due to its potential to alter the natural course of the disease.
Gerald Kleymann, founder & Chief Executive Officer at Innovative Molecules, says: "Within the last 25 years the treatment of Herpes simplex has not seen an innovation that managed to reach the market. Our ambition is to change this. With IM-250 we will alter the way Herpes is treated. Our goal is to reduce or even eradicate the reservoir of the virus in order to achieve long-lasting effects, less recurrences and real benefits for patients.“
Joachim Rothe, Partner at LSP, says: "I am pleased with LSP leading the investment syndicate of Innovative Molecules. There is an urgent medical need in Herpes-induced diseases. Current treatments have minimal efficacy and can‘t change the persistence of the infection. Moreover, resistance to todays' standard treatments occur quite often and can lead to life-threatening complications or even to the death of patients.“
Thomas Hoffmann, co-founder & financial advisor to Innovative Molecules, states: "To have gained LSP as one of the leading European life sciences funds as the lead investor for this Series A financing round is truly a quality stamp for our project. We are looking forward to working together with LSP on this exciting drug development opportunity.“
A Baker McKenzie team of lawyers led by partner Berthold Hummel represented LSP as investor counsel and ZSP Zwicker Schnappauf Patentanwälte served as IP counsel. Frankus Rechtsanwälte (Torsten Bergau) represented the founders and the company.