Funding round raises Euro 20m dermatology pipeline development
An emerging specialty pharmaceutical company based involved in the dermatology market has raised Euro 2m in a series A round of funding.
An emerging specialty pharmaceutical company based involved in the dermatology market has raised Euro 2m in a series A round of funding.
Creabilis, whish is based in Ivrea, Italy, will use the funding to finance three Phase II clinical trials of its most advanced products: CT327, which is being developed for the treatment of psoriasis and dermatitis, and CT200, which is being developed for Behcet's Disease. In addition, Creabilis will advance its pipeline of pre-clinical dermatology drug candidates which address a wide range of skin diseases.
CT327 is a new chemical entity obtained through the application of Creabilis" proprietary MiniPEGylation approach. It is aimed at treating psoriasis, dermatitis and other conditions linked to an over growth of keratinocytes. CT327 showed strong antiproliferative activity by inhibiting the NGF receptor TrkA.
The vision for Creabilis Therapeutics SpA is to discover and develop innovative new medicines to address dermatological diseases and to market these directly to specialist physicians using its own sales force in certain niche indications or to co-market or license where appropriate. The global dermatology market was valued at $11.2bn in 2005 and is set to grow to over $14bn over the next five years.
Alfredo Boni, president and co-founder of Creabilis Therapeutics, said: We believe this is the first time an Italian start up has been financed by leading international VCs and we are proud to have attracted two experienced life science investors to support our company.
The financing was led by Sofinnova Partners, which was joined in the funding round by NeoMed Management. Representatives of both Sofinnova and NeoMed will be joining the Creabilis Therapeutics" Board following this fund raising.