Teitur Trophics, a biotech company developing new treatments for patients suffering from neurodegenerative diseases, today announced the completion of a €28M Series A financing.
The financing was co-led by Sunstone Life Science Ventures and Sound Bioventures, with participation from new investors, Industrifonden, Innovestor’s Life Science Fund and P53 Invest.
The proceeds will enable Teitur to progress its lead drug candidate, TT-P34, from candidate selection into clinical development, including a Phase 1b clinical study in neurodegenerative diseases.
Founded by Simon Molgaard, Anders Dalby, Mathias Ollendorff and Simon Glerup, Teitur, a spinout from Aarhus University seeded by the BioInnovation Institute (“BII”) in 2020, has developed a platform of cyclic peptides with a novel mechanism that preserves neuronal function. The peptides have the potential to treat patients suffering from a broad range of neurodegenerative diseases. Lead drug candidate, TT-P34 is administered subcutaneously and has shown potent, brain specific effects in animal models for Huntington’s Disease, Parkinson’s Disease and Frontotemporal Dementia.
TT-P34 was developed from the sortilin-related Vps10p domain containing receptor (“SorCS2”) receptor and acts by targeting the three major pathophysiological hallmarks of neurodegeneration: mitochondrial failure, lysosomal dysfunction, and loss of pro-survival signaling. TT-P34 uniquely restores energy homeostasis in brain cells, induces clearance of toxic protein aggregates, and promotes neurotrophic effects, thereby supporting neuronal cell survival in neurodegenerative diseases.
Simon Mølgaard, Chief Executive Officer of Teitur Trophics said: “We are very pleased to welcome Sound Bioventures, Industrifonden, Innovestor’s Life Science Fund and P53 Invest to Teitur, who will join our existing investor, Sunstone Life Science Ventures. This investor syndicate creates a very strong and committed shareholder base with a track record of supporting successful next generation companies. The €28 million Series A investment further validates our vision for preserving neuronal function in the face of these devastating neurodegenerative disorders. The funding will allow us to take our first-in-class, lead drug candidate, TT-P34 from candidate selection into clinical development, while also advancing our novel pipeline of innovative, peptides. There is a pressing need for new therapies for neurodegenerative diseases which have a detrimental impact on millions of people’s lives around the world, with serious implications for quality of life and life expectancy.”
Søren Lemonius, General Partner at Sunstone Life Science Ventures, commented: “We are delighted to further support Teitur at this pivotal time of Company growth and development. Our passion is to enable and empower therapeutic innovation that has the ability to improve patient outcomes and we believe Teitur’s cyclic peptides is yet another excellent example of the breakthrough science coming out of the Scandinavian biotech ecosystem.”
Casper Breum, Managing Partner at Sound Bioventures added: “We are proud to support such an innovative Company that has the potential to make a meaningful impact against neurodegenerative diseases and improve the quality of life of patients, and we look forward to supporting the Company through its next stage of growth.”
In conjunction with the Series A financing, Charles Large will continue as Chairman of the Board at Teitur, while Søren Lemonius, Casper Breum, Fredrik Lehmann, Milla Koistinaho and Susanne Stuffers will join the Teitur Board of Directors.