DUBLIN, February 23, 2022 /PRNewswire/ — Priothera, a late-stage biotechnology company pioneering the development of its S1P receptor modulator drug, mocravimod, today announces that it has entered into a $17.5 million loan agreement euros with the European Investment Bank (EIB). This loan will also support a European, American and Asian clinical trial enabling the registration of mocravimod in patients with acute myeloid leukemia (AML) receiving a hematopoietic stem cell transplant (HSCT).
The €17.5 million credit facility is divided into two tranches, the first of which is €10 million and unconditional. Priothera will seek payment of the first installment in 2022 to expand the clinical development of mocravimod and prepare its commercial drug supply. The second tranche of €7.5 million is available after the achievement of specific manufacturing, clinical and regulatory milestones and will be used to fund clinical validation in CAR-T cancer indications.
Florent Grosco-founder and CEO of Priorera, comments: “We are very grateful for the support of the EIB, a major and high quality European financial institution, as the Company is at an inflection point in its clinical development and potential commercialization path. This funding allows Priothera to extend its financial visibility until 2024, allowing us to successfully complete a clinical trial enabling global registration, as well as explore other blood cancer indications for mocravimod. This new financing tool will help strengthen Priothera’s global lead in the development of S1P receptor modulators in oncology. »
Christian Kettel ThomsenVice-President of the EIB, said: “The European Investment Bank Group supports the development of innovative and pioneering treatments and medicines by leading biotechnology and medical technology companies in Ireland and through Europe. Priothera’s new medicines offer an opportunity to revolutionize the treatment of leukemia and other cancers and the EIB is pleased to provide new financing of €17.5 million to accelerate the clinical development and commercialization of mocravimod. »
Mocravimod (also known as KRP203), a propane-1,3-diol derivative, is a novel synthetic sphingosine 1-phosphate receptor (S1PR) agonist that is long-lasting in the body. Phase 1 and Phase 2 trials have successfully evaluated the safety and tolerability of mocravimod in several autoimmune indications. Promising data from a Ph1b/Ph2a clinical study with patients with hematological malignancies led Priothera to pursue the development of mocravimod for the treatment of blood cancers.
Mocravimod will be studied in a Phase 2b/3 study as a potential treatment for patients with acute myeloid leukemia (AML) receiving HSCT. Allogeneic HSCT is the only potentially curative approach for patients with AML, but it continues to have unacceptable mortality and morbidity rates with current treatments.
Priothera exploits S1PR’s unique mode of action to maintain anti-leukemic activity while reducing tissue damage resulting from graft versus host disease (GVHD), a consequence of GCSH. This new therapeutic approach – the only S1PR modulator treating blood cancers – addresses a significant unmet medical need aimed at improving the quality of life of patients.
Priothera is at the forefront of the development of orally applied sphingosine 1 phosphate (S1P) receptor modulators for hematological malignancies. S1P receptor modulators are known to largely reduce T cell egress from lymphatic tissues and not be immunosuppressants, thereby enabling inhibition of graft versus host disease (GvHD) while enhancing graft versus host benefits. leukemia in patients receiving HSCT.
Based at Dublin, IrelandPriothera was founded in 2020 by an experienced team of drug development experts, Drs. Florent GrosStephan Oehen, Dhaval Patel, Christophe Bucher, Simone Seiter, Philippe Lievre and Brice Suire.
The founding investors are Fountain Healthcare Partners (Dublin, Ireland), funds managed by Tekla Capital Management, LLC (Boston, MA), HealthCap (Stockholm, Sweden) and EarlyBird Venture Capital (Berlin, Germany).
For more information, please visit: www.priothera.com
About the European Investment Bank (EIB)
The EIB is the long-term financing institution of the European Union (EU) and its shareholders are the 27 EU Member States. Its mission is to contribute to the integration, balanced development and economic and social cohesion of EU Member States. It borrows large volumes of funds on the capital markets and lends them on very favorable terms to support projects that contribute to the achievement of EU objectives. The EIB is working to put the EU at the forefront of the next wave of innovation, particularly in the health sector. In response to the Covid-19 health crisis, the EIB has released €6 billion for investments in the health sector to support medical infrastructure, additional research activities or other funding related to vaccines and to treatments. As a European climate bank, the EIB is one of the main donors of the green transition towards a more low-carbon and sustainable growth model.