€1.5 million loan will further support clinical manufacture of mocravimod for adjunctive treatment of acute myeloid leukemia (AML)
DUBLIN and SAINT LOUIS, France, April 4, 2022 /PRNewswire/ — Priothera, a late-stage biotechnology company pioneering the development of its S1P receptor modulator drug, mocravimod, today announces that it has entered into a $1.5 million loan agreement euros with the regional Bpifrance in Strasbourg (Grand Est Bpifrance), via Priorera SAS, its French subsidiary.
This R&D Innovation Loan will be used to further support the clinical manufacturing of mocravimod for a European, American and Asian clinical trial enabling the registration of mocravimod in patients with acute myeloid leukemia (AML) undergoing allogeneic hematopoietic stem cell transplantation ( GCSH).
Brice Suireco-founder and CFO of Priorera, said: “This non-dilutive financing, alongside the financing from the European Investment Bank that we recently announced, will play an important role in financing the development of mocravimod. This will allow us to strengthen our local French team and accelerate the delivery of the clinical supply of mocravimod needed for our next registration-enabling global clinical trial. We are very pleased with the confidence shown by Grand Est Bpifrance to support the Company in its development program.”
Alban StammInnovation Manager at Bpifrance Alsace commented“We believe that Priothera, with its drug candidate mocravimod, has the potential to enable a major advance in the prevention of transplant rejection, which would bring considerable benefit to patients with AML undergoing stem cell transplantation. The Bpifrance loan will support Priorera’s key objective of establishing human proof of concept and generating registration data, enabling the company to create significant socio-economic value in France and beyond for patients around the world.”
Mocravimod, a sphingosine 1 phosphate (S1P) receptor modulator that has already been tested in multiple autoimmune indications, is being developed to improve the healing potential of HSCT in patients with AML. Additionally, it has shown clinically relevant benefits in an early clinical study in patients with hematological malignancies undergoing HSCT.
Priothera is at the forefront of the development of orally applied sphingosine 1 phosphate (S1P) receptor modulators for the treatment of hematological malignancies. S1P receptor modulators are known to largely reduce T-cell egress from lymphatic tissues and not be immunosuppressants, thereby allowing inhibition of graft-versus-host disease (GvHD) while maintaining graft-versus-host benefits. leukemia in patients receiving HSCT.
Priorothera, which was founded in 2020 by an experienced team of drug development experts, is headquartered in Dublin, Ireland. The company is backed by international founding investors Fountain Healthcare Partners (Dublin, Ireland), funds managed by Tekla Capital Management, LLC (Boston, MA), HealthCap (Stockholm, Sweden) and EarlyBird Venture Capital (Berlin, Germany).
For more information visit: www.priothera.com
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