Danish biotech Teitur Trophics raises €28M. Finnish Innovestor joins
The Aarhus-based biotech startup Teitur Trophics that focuses on developing innovative treatments for patients with neurodegenerative diseases has raised €28 million in a Series A round. It was co-led by Sunstone Life Science Ventures and Sound Bioventures. Among other VC funds participating is Helsinki-based Innovestor’s Life Science Fund.
- Teitur Trophics, a spin-out from Aarhus University seeded by the BioInnovation Institute in 2020, develops a platform of cyclic peptides with a novel mechanism that preserves neuronal function. The peptides have the potential to treat patients suffering from a broad range of neurodegenerative diseases. The drug candidate, TT-P34, is administered subcutaneously and has shown potent, brain specific effects in animal models of Huntington’s Disease, Parkinson’s Disease, and Frontotemporal Dementia.
- The fresh round was co-led by Copenhagen-based Sunstone Life Science Ventures with a total funds of €500 million, and focusing on early-stage life science companies, and Malmö-based Sound Bioventures, a biotherapeutics focused venture fund, that invests in about-to-be clinical or clinical stage companies in Europe and USA, and with a strong foundation in the Nordic biotech ecosystem.
- Finnish investment company Innovestor that focuses on venture capital and real estate also participated in the investment. The firm currently manages four VC funds with total capital of over €200 million. Consisting of almost 100 growth companies across multiple sectors of technology and life science & health, it represents one of the largest private venture-backed portfolios in the Nordics. Among other investor in this round are Norwegian P53 Invest and Swedish Industrifonden.
“The funding will allow us to take our first-in-class, lead drug candidate, TT-P34 from candidate selection into clinical development, while also advancing our novel pipeline of innovative peptides. There is a pressing need for new therapies for neurodegenerative diseases which have a detrimental impact on millions of people’s lives around the world, with serious implications for quality of life and life expectancy,”Simon Molgaard, Chief Executive Officer of Teitur Trophics said.
- The proceeds will enable Teitur to progress its lead drug candidate, TT-P34, from candidate selection into clinical development, including a Phase 1b clinical study in neurodegenerative diseases.