The biopharmaceutical company SOM Biotech –and specialised in repositioning drugs to treat rare nervous system diseases– has just opened a Series A round with the goal of raising €10 million, targeted to top US and European biotech venture capital. Since it was founded at the Barcelona Science Park in 2009, SOM Biotech has raised more than €5.3 million from public and private capital, and has placed 8 patents for new medical indications and formulations.

The launch of the operation follows the closing, late last year, of a €2 million funding round and the recent licensing agreement reached with American company Corino Therapeutics to clinically develop and market the drug SOM0226 against transthyretin amyloidosis (ATTR). After this licensing agreement had been reached, the drug achieved very promising results in a phase 2a study.

The geographic expansion, and the clinical development of SOM’s most advanced assets, will be capitalized through the licensing revenues from SOM0226, as well as the commencing Series A fundraising, targeted to leading US and European venture investors. 

SOM Biotech will dedicate the resources secured to conduct the next clinical trials and expand the company pipeline through its platform technology; SOM3355 is a drug indicated for chorea movements associated to Huntington’s disease and tardive dyskinesia, and SOM1201 has shown clinical evidence of efficacy for Adrenoleukodystrophy (ALD) and potentially Adrenomyeloneuropathy (AMN).

“SOM is entering an aggressive international growth stage to become the world’s leading company in drug repurposing. We have made it past the initial business concept stage with our first licence and are now pushing into the clinics the next two products, while expanding the pipeline. Our major challenges are getting our leading products to reach the market in the next 5 years and build a sustainable business model realizing the value that investors are expecting from this company”, says Dr Raúl Insa, SOM’s founder and CEO.

Altogether, since it was created in 2009, the company has raised more than $6 million from public and private capital. 
 

A new office in the United States

SOM Biotech has just opened an office in Cambridge, MA, USA, to facilitate drug development of its next two assets (SOM3355 for Huntington’s disease and SOM1201 for Adrenoleukodystrophy) and to expand the business activities. This injection of capital will also allow the med-tech biopharmaceutical company to channel plenty of resources into its expansion into the North American market. 

The office, located in Cambridge, Massachusetts, is managed by Michael Greenberg. Mr Greenberg is a recognised expert in business development in the healthcare industry, with more than 20 years of experience in negotiating international alliances and managing cutting-edge biopharmaceutical companies in the United States, Europe and Asia.

Initially, its activity will be centred on promoting licensing projects and partnerships on the field of repurposing drugs for rare neurological diseases.

► Related news [+]