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Dec 15, 2008

Domain Therapeutics Obtains $2.86M Financing

  • Domain Therapeutics reports the completion of a new fundraising of €2.11 million, or about $2.86 million.The money will principally enhance the company’s focus of developing allosteric modulators targeting G Protein-coupled receptors involved in major therapeutic indications.

    “We already have several products in our pipeline and the new funds mean we can develop them faster,” states Pascal Neuville, CEO of Domain Therapeutics. Domain Therapeutics’ pipeline consists of NCEs ranging from hits to preclinical candidates that target hot receptors such as mGluR2, mGluR4, and GLP-1R for indications including schizophrenia, Parkinson’s, and diabetes.

    New investors are AIRFI (Alsace Inter Regio Fonds d'Investissement), Alsace Création, Sam Eletr, and Bernard Gilly. AGF Private Equity, Auriga Partners, EdRIP (Edmond de Rothschild Investment Partners), and Sofinnova Partners, all of which were already investors in the company have also participated in the new round.

    “We wholeheartedly support Domain Therapeutics and are delighted to see that new investors have come into the company, confirming the big potential behind the company's technology,” comments Thierry Laugel, board member representing AGF Private Equity. “The maturity of the technology is convincing, the indications targeted have a high commercial value, and the partnering programs currently being negotiated are also extremely promising.”

    Domain Therapeutics, which was known as Faust Pharmaceuticals until earlier this month, is using its platform to identify orthosteric and allosteric ligands including silent allosteric modulators that represent a unique source of compounds that cannot be discovered by standard technologies. The platform is also able to address difficult GPCRs such as orphans and peptidic receptors, the firm points out.



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