Step Pharma attracts new funding to advance research pipeline
French biotech start-up Step Pharma yesterday announced the closing of a Series A financing totalling 14.5 million euros ($16.4 million), with the proceeds to be used to support advancement of first-in-class immunomodulators for autoimmune diseases towards clinical studies.
Pontifax joined existing investors led by Kurma Partners, and including Bpifrance (Fonds Biothérapies Innovantes et Maladies Rares), Inserm Transfert Initiative, Idinvest, Sygnature Discovery and the Imagine Institute in an €8.6 million second closing of the round.
The company’s novel class of oral immunomodulators target cytidine triphosphate synthase 1 (CTPS1). CTPS1 is a novel target discovered at the Imagine Institute (Paris, France) in rare genetic disease patients exhibiting deficiency in this enzyme involved in CTP nucleotide production.
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