The biotech company is developing a drug with an innovative mechanism of action for neuropathic pain associated with spinal cord injuries and is currently in clinical trial 2a.
The biotech company Neurofix, a biotechnology company focused on innovative therapies for pathologies of the Central Nervous System, has opened a new €900,000 funding round to accelerate the development of its first drug and to prepare the company’s future exit to alternative capital markets. The capital increase, approved at the Shareholders’ Meeting last February, implies the issue of 7,246 new shares at a par value of one euro and an overall issue premium of €1.49 million.
On April 19, the capitalization round will be publicly open in the equity financing platform of Fellow Funders and will increase the overall company valuation to over 13 M€.
Since its foundation, Neurofix biotech has successfully raised capital of over 2 M € to boost its research project, with the support of public organizations such as CDTI, ENISA, ICO, IBERAVAL or ICE (Institute for Business Competitiveness, of the Junta de Castilla y León) and private investors.
In the last round of private funding in mid-2020, Neurofix gave entry to about twenty new investors, who contributed more than €600,000 to the capital, with Nowture as the lead investor, after covering 50% of the investment. Neurofix is one of the benchmark projects of Nowture, for which it continues to bet on its integral development ecosystem for biotech and life sciences companies, a pioneer in Spain.
Its growth strategy and the progress of the clinical trial of its first drug have led Neurofix to become part of the Pre-Market Environment (Entorno Pre-Mercado or EpM) of the Spanish Stock Exchanges and Markets (Bolsas y Mercados Españoles or BME) as a step before the company’s jump to the capital markets.
“We are delighted with the work and the progress of the clinical trial, which is already creating value for the shareholder, in line with the evolution of the prices at which the different funding rounds are being closed. This new funding round represents support for our investors and a further step on our way to making the major leap into the capital markets,” said Miguel Ángel Ávila, CEO of Neurofix.
Neurofix is developing the drug NFX88 for neuropathic pain in spinal cord injury patients. It is the most advanced product under development. Its tolerance, safety, and efficacy are currently being evaluated in Phase 2a clinical trials in seven major hospitals throughout Spain. Since April 5, Neurofix has incorporated the Virgen del Rocío University Hospital in Seville, belonging to the Regional Government of Andalusia, into the study, allowing it to accelerate patient recruitment and complete the trial in order to advance to Phase 2b/3 in 2021.
The Sevillian public hospital joins the other six major hospitals that were already part of the trial: the Hospital de Parapléjicos in Toledo (coordinating center of the study), the Complejo Hospitalario Universitario A Coruña (CHUAC), the Hospital Vall d’Hebron in Barcelona, the Hospital Virgen de las Nieves in Granada and the private centers Institut Guttman, in Barcelona, and Hospital Los Madroños, in Brunete (Madrid) -the latter two incorporated in September 2020-.
Source: PMFarma España
Other media that have echoed the news: PlantaDoce, Web Capital Riesgo, Capital Riesgo