French biotech startup MedDay Pharmaceuticals just scored a $38.5 million Series B round, with aims to bring its multiple sclerosis drug to Phase 3 trials in the U.S.
This new spate of trials follow the successful Phase 3 study in progressive multiple sclerosis in Europe. This funding is also meant to fund pre-launch preparations for the drug candidate, called MD1003. MedDay is also building out a research platform that is seeking out new metabolic targets that cause neurologic disease.
The market for multiple sclerosis is strong in both the U.S. and Europe – which underscores the importance of testing the drug broadly.
“The SPI2 study is expected to confirm, in a large North American population, the results of our prior European MS-SPI study and will further advance MedDay in the field of progressive MS worldwide,” CEO Frédéric Sedel said in a statement.
MD1003 is meant to help boost the energy supply for nerve impulse transmission in patients with multiple sclerosis. It’s an active small molecule drug that influences two targets that are related to progressive multiple sclerosis: It activates acetyl-CoA carboxylases ACC1 and ACC2, which are the rate-limiting enzymes that help synthesize the fatty acids required for myelination, and it activates the Krebs cycle in demyelinated axons to up the production of energy.
The round was led by Edmond de Rothschild Investment Partners; other investors include Sofinnova Partners, InnoBio and the Bpifrance Large Fund.
