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The funding from a consortium of life sciences-focused European venture capital firms will support CTx to take its innovative gene therapy product closer to helping patients.
European law firm Fieldfisher has assisted Complement Therapeutics Ltd (CTx), a preclinical stage University of Manchester spinout, on its €72 million Series A financing.The round was led by Gimv, a Belgian-based private equity and venture capital fund, co-led by Forbion as existing investor and joined by BioGeneration Ventures (BGV), Panakès Partners, Cambridge Innovation Capital (CIC), Hadean Ventures and Seroba Life Sciences.
Fieldfisher previously advised CTx on its €5 million seed financing round from BGV and Forbion in February 2022 and were asked to assist the company as it restructured its operations to Germany and closed its significant Series A round.
CTx will use the funding to continue the development and complete a Phase Ib clinical proof of concept of its lead product CTx001. CTx001 is a highly innovative AAV gene therapy for the treatment of Geograpic Atrophy (GA) secondary to dry age-related macular degeneration (dry-AMD).
With its novel mechanism of action, CTx001 gene therapy has the potential to provide superior efficacy compared to competitive drugs and reduce the burden of treatment among patients.
In February this year, the US Food and Drug Administration (FDA) approved the first intravitreal treatment for GA, marking a significant milestone for GA patients and the retina community. This decision further validates the critical role the complement system, which is part of the human immune system, plays in the development and progression of GA. It also highlighted the importance of targeting complement as a therapeutic strategy.
CTx also plans to use some of the Series A funds to grow its laboratory-based activities in Stevenage, UK, and evaluate and develop related business opportunities.
CTx was spun out of the University of Manchester with initial funding from BGV in 2021.
CTx was assisted by a Fieldfisher Manchester team led by Corporate Senior Associate Andy Oliver.
Commenting on the successful completion of the Series A financing round, Fieldfisher Technology, Privacy and Outsourcing Partner and CTx client partner Sam Jardine said:
"Congratulations to CTx on securing this funding. It is has been very rewarding to support CTx on its journey since its spin-out and to assist with this important milestone to fund the development of a treatment that promises to improve patient outcomes for many people affected by GA."