Dublin-based biotech startup Priothera launches with $35.4 million Series A funding to develop treatments for patients suffering from leukemia
Priothera is a Dublin, Ireland-based biotech startup with a mission to improving the lives of patients suffering from hematological malignancies by delivering an innovative immune modulator to enhance the curative potential of allogeneic Hematopoietic Stem Cell Transplantation (HSCT) in these patients.
Today, Priothera announced it has closed $35.4 million (€30 million) in Series A funding led by Fountain Healthcare Partners with participation from co-lead investor HealthCap and funds managed by Tekla Capital Management, LLC as well as EarlyBird Venture Capital. In conjunction with the funding, Priothera also said that Dr. Christoph Bucher, Dr. Simone Seiter, and Brice Suire will join its founding team.
Priothera will use the funding proceeds to progress the clinical development of mocravimod, a modulator of sphingosine 1 phosphate (S1P) receptors, to enhance the curative potential of allogeneic hematopoietic stem cell transplantation (HSCT) for treating AML. Priothera expects to generate further randomized clinical data in high-risk AML patients with this Series A funding round.
Mocravimod has already been extensively tested in multiple immunologic indications and has shown a survival benefit in an early clinical study evaluating acute myeloid leukemia (AML) and acute lymphocytic leukemia (ALL) patients undergoing hematopoietic stem cell transplantation (HSCT). The startup recently acquired mocravimod from KYORIN Pharmaceutical Co., Ltd.
Founded in 2020 by Drs. Florent Gros and Dhaval Patel, Priothera is developing orally applied sphingosine 1 phosphate (S1P) receptor modulators for haematological malignancies. S1P receptor modulators have been suggested to largely reduce egress of T cell subsets from lymphatic tissues allowing for dual inhibition of graft-versus-host-disease (GvHD) and enhancing graft-versus-leukemia benefits in patients receiving allogeneic stem cell transplant.
Commenting on the funding, Florent Gros, Co-Founder and CEO of Priothera, said, “We are delighted to welcome this terrific syndicate of investors, who share our passion, commitment, and vision for advancing Priothera’s potentially best-in-class new therapy, mocravimod, in patients with acute myeloid leukemia and other hematologic malignancies. Allogenic stem cell transplant is the only potentially curative approach for AML patients but has unacceptably high mortality with current treatments. We are excited about mocravimod which has a unique mechanism of action and clinical proof of concept demonstrating its ability to improve survival outcomes for this devastating disease.”