News MedDay Raises $38.5M to Finance Phase 3 Trial Targeting Progressive MS MedDay Raises $38.5M to Finance Phase 3 Trial Targeting Progressive MS by Patricia Silva, PhD | April 12, 2016 Share this article: Share article via email Copy article link MedDay SASĀ recently announced that it has raised ā¬34 million, about $38.5 million, in a Series B financing round. The moneyĀ will enable the company to lead a confirmatory Phase 3 clinical trial, called SPI2, in the United StatesĀ toĀ assess itsĀ lead candidate, MD1003, as a treatment for progressive multiple sclerosis (MS). MedDayĀ concluded a successful Phase 3 study, MS-SPI, Ā in spinal progressive MSĀ patients in 2015, conducted at sites across France. āThis series B round will support the international development of our lead candidate MD1003 ā¦ we believe MD1003 represents a very promising drug for patients with progressive MS,”FrĆ©dĆ©ric Sedel,Ā MD, PhD, MedDayās chief executive officer, said in aĀ press release. “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. We are pleased to welcome additional specialist investors to MedDay.ā The Series B investment round was led by the French firmĀ Edmond de Rothschild Investment Partners (EDRIP), alongside existing investors Sofinonova PartnersĀ andĀ InnoBio (Bpifrance),Ā andĀ Large Venture (Bpifrance). The financing round will also be used to advance pre-launch activities of MD1003 in Europe, to develop other pipeline drug candidates, andĀ to advanceĀ a research platform toĀ identify new metabolic targets in neurological diseases. MD1003 is a highly dosed pharmaceutical grade biotin with demonstrated efficacyĀ in progressive MS patients. According to the company, MD1003 works by potentiallyĀ influencing two targets related to the progressive form of MS: activating acetyl-CoA carboxylases (ACC1 and ACC2), the rate-limiting enzymes in the synthesis of fatty acids required for myelin synthesis; and activating the Krebs cycle in demyelinated axons, so as to avoid the hypoxia-related axonal degeneration that is responsible for disease progression. Results from two Phase 3 studies, MS-SPI and MS-ON (studying chronic visual loss related to optic neuritis in MS), showedĀ MD1003 has the ability toĀ reverse disease progression in a subset of patients, and to slow the overall disease’s progression rate. āWe are delighted to invest in MedDay at such an important time and to be able to provide funding alongside such strong and supportive current investors. MedDay has the potential to be a game-changing biotech company in the major area of progressive MS,ā said RaphaĆ«l Wisniewski of Ā Edmond de Rothschild Investment Partners. āDue to the existing data and current use of MD1003, MedDayās platform and pipeline opportunities and strength of the management team, we are highly confident that MedDay will create major value for patients worldwide.ā MedDay, based in France, is focused onĀ developing drugs that target brain metabolism to treat diseases of the nervous system. Print This Page About the Author Patricia Silva, PhD PatrĆcia holds a PhD in medical microbiology and infectious diseases from the Leiden University Medical Center, Netherlands, and completed a postdoctoral research fellowship at the Instituto de Medicina Molecular, Lisbon, Portugal. Her work in academia was mainly focused on molecular biology and the genetic traits of infectious agents such as viruses and parasites. PatrĆcia earned several travel awards to present her work at international scientific meetings. She is a published author of several peer-reviewed science articles. Tags MD1003, MedDay, MS-SPI, Phase 3 clinical trial, progressive MS
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