Healthcare & MedTech

NETRIS Pharma Bolsters Funding with €7.5 Million Extension in Series A, Accelerating Breakthroughs in Cancer Resistance

NETRIS Pharma continues to deliver on its overall development plan despite challenging times for biotech fundraising.

SMEBRDecember 20, 19:43
Netris Pharma

NETRIS Pharma, a clinical-stage biopharmaceutical company developing next generation molecules targeting cancer resistance, today announced that it has expanded its ongoing Series A reaching €24.4 million with the closing of a €7.5 million extension. This closing mainly consists of new investors, including EIC Fund, following selection for the EIC accelerator program.

The proceeds will be used to reach all endpoints of its clinical development plan and for corporate development purposes. NETRIS Pharma is evaluating its lead asset NP137, a monoclonal antibody targeting NETRIN-1, in five clinical trials in combination with chemotherapies or immunotherapies as a new path to alleviate resistance to these therapies.

Christophe Guichard, NETRIS Pharma Chief Financial Officer, commented: “NETRIS Pharma continues to deliver on its overall development plan despite challenging times for biotech fundraising. This funding extension reflects the strong impact of the recent back-to-back publications in Nature® highlighting the promising mode of action of our lead product NP137 and will take us to significant value inflexion points in the next 12 months from our five ongoing proof-of-concept clinical trials.”

Along with this funding, the executive team has been strengthened with the appointment of Fabien Sebille as Chief Business Officer. Fabien will lead the business development activities for NETRIS Pharma, leveraging his experience in executive positions within private and public oncology biotech companies as well as his track record in both sell-side and buy-side transactions.

“The recruitment of Fabien is a further step in NETRIS Pharma’s growth in advance of the multiple clinical readouts expected in the coming months. We look forward to working together in raising the profile of company and strengthening our relationships with pharmaceutical companies and other strategic partners,” indicated Patrick Mehlen, Chief Executive Officer of NETRIS Pharma.

To help prepare for the next steps of NETRIS Pharma’s clinical development strategy, Gabriela Gruia has been nominated to its Board of Directors. Gabriela has held many leadership positions within pharmaceutical companies, and more recently was Senior Vice President and Head of Regulatory Affairs Oncology at Novartis, based in the US. During her tenure, Gabriela was responsible for leading a world class oncology regulatory affairs organization of approximately 120 associates.

Jean-Pierre Bizzari, Chairman of the Board of Directors, commented: “This successful fundraising is a further demonstration of the progress NETRIS Pharma has achieved and the promise of its clinical development pipeline. On behalf of the Board, I’d like to welcome Gabriela to the Company. Gabriela brings a wealth of regulatory experience with an outstanding track record of overseeing the regulatory approval process for 12 NMEs in oncology. I look forward to further complementing our Board of Directors with additional leading individuals from the pharma industry to help guide NETRIS as we continue our rapid progress.”