Startups, Pharma

UK-based KaNDy Therapeutics raises $32.5 million Series C round, led by US firm

Longitude Capital leads round worth £25 million, which KaNDy will use to advance its non-hormonal menopause drug into Phase IIb clinical trial this year.

A British firm developing non-hormonal treatment for symptoms of menopause has raised £25 million ($32.5 million) in a Series C funding round led by US venture capitalists.

Stevenage, England-based KaNDy Therapeutics said it raised the financing from Longitude Capital, based in Menlo Park, California, and Greenwich, Connecticut. Also participating were existing investors, namely New York-based OrbiMed Advisors; Forbion Capital Partners, with locations in Munich and Naarden, Netherlands; Dublin-based Fountain Healthcare Partners; and London-based Advent Life Sciences.

The company plans to use the money to fund a multinational Phase IIb dose-ranging clinical trial of its lead product candidate, NT-814, starting in the fourth quarter of this year, with topline results expected late next year. The study is expected to include sites in the US, Canada and the UK.

The drug is a small-molecule oral medication designed for administration once per day that works as an antagonist against the neurokinin-1 and neurokinin-3 receptors and is being developed as a potential alternative for hormone replacement therapy. Data from the company’s Phase Ib/IIa proof-of-concept study showed that women treated with the drug once daily for two weeks had a rapid and profound reduction in frequency and severity of hot flashes and the number of nighttime awakenings, two of the main symptoms of menopause.

We believe NT-814 has the potential to greatly improve the quality of life of millions of women worldwide, and we look forward to supporting the company as it continues to progress this potentially transformational candidate through the clinic towards commercialization,said Josh Richardson, Longitude’s managing director, in a statement.

The global market for treatments for menopause is expected to reach $3.3 billion in value by 2023, assuming a 4.2 percent annual growth rate, including hormonal and non-hormonal treatments, according to a report this month by Market Research Future. Significant players in the market include Merck & Co., Novartis, Novo Nordisk, Pfizer, Allergan, Emcure Pharmaceuticals, Eli Lilly & Co., Cipla, Teva Pharmaceutical Industries and others.

Photo: abluecup, Getty Images

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