Autifony Therapeutics raises £8m in new funding

Autifony Therapeutics, a UK developer of novel pharmaceutical treatments for hearing disorders, has closed an £8m extension to its Series A funding round.

Backers include SV Life Sciences, Imperial Innovations, Pfizer Venture Investments, the International Biotechnology Trust (IBT), and UCL Business, which had previously participated in a Series A funding round of more than £15m.

Autifony was originally funded to take its lead drug, AUT00063, through to clinical proof of concept for age related hearing loss. Driven by strong preclinical data, and supportive non-dilutive funding from Innovate UK, Autifony is now also exploring the potential for its novel ion channel mechanism in other areas of high unmet medical need, such as tinnitus and schizophrenia.

The company intends to use the funding to carry out further clinical trials on its Kv3 ion channel mechanism, which will include exploration of AUT00063 in a pilot study in patients with a cochlear implant, where preclinical data predict that the drug may improve speech perception. It will also contribute to the clinical development of a second, differentiated Kv3 modulator, AUT00206, for the treatment of schizophrenia. AUT00206 is due to start Phase I clinical trials later this year.

Dr Charles Large, Chief Executive of Autifony Therapeutics, said: 'Our Kv3 ion channel modulation mechanism is now starting to demonstrate the depth and breadth of its potential for treating unmet medical needs. We are delighted that all Autifony’s investors are supporting us with additional funding to build on the excellent progress that has been made to date in our hearing and schizophrenia programmes.'

Autifony was formed in 2011 as a spin out from GSK.