Funxional Therapeutics raised €10 million (almost $12.2 million) in a Series B financing with new and existing investors. The funds will be used to further develop its pipeline of anti-inflammatory broad-spectrum chemokine inhibitors (BSCIs).
The lead clinical candidate is an oral small molecule drug, FX125L. Positive results from a Phase I program were reported in January, at which time the firm projected starting Phase II in Europe and the U.S. in the second quarter of this year. The clinical indications targeted with FX125L include respiratory disorders such as asthma and COPD.
Funxional claims BSCIs are an entirely new class of anti-inflammatory agents characterized by a novel mechanism of action that involves the selective interaction with a single, well-characterized receptor. This results in potent inhibition of inflammatory cell migration in response to chemokines, the company explains. In addition to developing FX125L, the firm is progressing a family of back-up BSCIs including topical formulations.
Funxional is also working on the identification of a lead compound in a reportedly novel class of small molecule apolipoprotein E mimetics. The company claims that its scientists were the first to discover the crucial role of apoE in regulating the clearance of cell debris by macrophages and believes apoE mimetics could have applications in inflammation and other disease areas.
A third platform developed by Funxional is the GAEL (G-protein coupled receptors agonist-enriched libraries) technology for generating small molecule libraries enriched with agonists to a wide range of GPCRs. The firm says that it aims to outlicense this technology for further development and commercialization.