Berlin, Germany, 09 January 2017 – Eternygen GmbH, a privately owned Berlin-based metabolic diseases company, today announced the completion of its € 8.0 (approx. US$ 8.3) million Series A funding round. Epidarex Capital led the round, and Evotec AG participated together with a consortium of investors including VC Fonds Technologie, managed by IBB Beteiligungsgesellschaft mbH, and two renowned family offices.
Eternygen’s research and development program is focused on the sodium coupled citrate transporter (NaCT), a novel target which is also known as INDY (I am Not Dead Yet). INDY is a key regulator of energy metabolism that may be involved in the pathogenesis of nonalcoholic fatty liver disease (NAFLD), nonalcoholic steatohepatitis (NASH), diabetes and obesity. Prof. Dr. Andreas Birkenfeld, one of Eternygen’s scientific founders, is a recognized opinion leader in INDY research. The company has successfully generated in-vivo proof of concept data with an early lead candidate showing strong effects on glucose and lipid metabolism, with significant improvements in body weight, insulin sensitivity and fatty liver disease in animal models. Eternygen will use the proceeds of the Series A funding to accelerate its small molecule NaCT inhibitors towards the selection of a pre-clinical lead candidate. The company will continue its partnership with Evotec AG to conduct its pre-clinical development program.
Marco Janezic, CEO Eternygen GmbH, said: “The successful completion of our series A round with a syndicate of renowned investors is great recognition for the achievements at Eternygen. Epidarex and Evotec have significant expertise turning novel targets into successful drug development projects and to commercialize such programs. We are convinced that the world-class metabolic drug development expertise these investors bring to the table will greatly accelerate and enhance our company.”
Kyp Sirinakis, Managing Partner at Epidarex Capital, added: “Epidarex is pleased to be backing such a strong group of scientific and commercialization partners to advance this promising technology and ultimately improve human health worldwide.”
Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: “We are very excited to take part in the growth and ownership of a company which together with Evotec has assembled world-leading expertise and tools around a very promising mechanism in metabolic disease. Combining academic excellence with a highly focused management team and a proven platform is a highly effective model for Evotec to bring forward projects with first-in-class potential. Eternygen fits perfectly into this mold.”
M Johnston Erwin, VP Corporate Business Development, Eli Lilly and Company, said: “Eternygen has the potential to create a first in class small molecule inhibitor of INDY which could be a significant development in the treatment paradigm for dietary related metabolic diseases.” Erwin added, “As one of the several investors in Epidarex, we support the development of this molecule and the potential to help speed delivery to patients.”
No further financial details are disclosed.
About Eternygen GmbH
Eternygen is a Berlin, Germany based Biotech Company founded in June 2012 to focus on the research, development and marketing of NaCT inhibitors for the treatment of dietary-related metabolic diseases. The founding team consists of renowned scientists from leading German universities and academic institutes as well as serial entrepreneurs from the venture and industry community. Eternygen is a virtual company supported by a network of senior industry experts and contract research organizations. Eternygen shareholders include Epidarex Capital, Evotec AG, VC Fonds Technologie, Berlin, Germany managed by IBB Beteiligungsgesellschaft mbH, and two renowned family offices. For additional information please go to www.eternygen.com.
About Epidarex Capital
Epidarex Capital invests in early-stage, high growth life science and health technology companies in under-ventured markets within the UK and US. Epidarex was created to meet the need for more sector-specific risk capital for young companies, including spin-outs from leading research universities. The fund’s international management team has a track record of successfully partnering with top scientists and entrepreneurs to develop highly innovative products for the global healthcare market. For further information please visit www.epidarex.com.
About Evotec AG
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies, academics, patient advocacy groups and venture capitalists. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic to meet the industry’s need for innovation and efficiency in drug discovery (EVT Execute). The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, diabetes and complications of diabetes, pain and inflammation, oncology and infectious diseases. On this basis, Evotec has built a broad and deep pipeline of more than 70 partnered product opportunities at clinical, pre-clinical and discovery stages (EVT Innovate). Evotec has established multiple long-term discovery alliances with partners including Bayer, CHDI, Sanofi or UCB and development partnerships with e.g. Janssen Pharmaceuticals in the field of Alzheimer’s disease, with Sanofi in the field of diabetes, with Pfizer in the field of tissue fibrosis and with Celgene in the field of neurodegenerative diseases. For additional information please go to www.evotec.com.
About IBB Beteiligungsgesellschaft
IBB Beteiligungsgesellschaft (www.ibb-bet.de) provides innovative Berlin-based companies with venture capital and has established itself in Berlin as a market leader in early-stage financing. The funds are used primarily for developing and launching innovative products or services and creative business concepts. Currently, two funds managed by IBB Beteiligungsgesellschaft are in the investment phase: the VC Fonds Technologie Berlin, with assets of 60 million EUR, and the VC Fonds Kreativwirtschaft Berlin, with assets of 40 million EUR. Both VC funds are subsidized by the Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF), managed by the State of Berlin. For additional information please go to www.IBB-Bet.de.
For further information, please contact
Raimund Gabriel, Managing Partner. Ph. +49 89 210 228 – 60; email@example.com
Please click here to download the press release.