Breye raises €67.5 million for retinal disease therapies
Breye Therapeutics has closed an over-subscribed €67.5 million Series A financing round.
The round was co-led by new investor Mission BioCapital and existing investor Novo Holdings, with participation from existing investor Sound Bioventures and additional new investors including the Ljungström family office, Innovestor Life Science, EIFO, Catalyze Capital, Modi Ventures and Pappas Capital.
The company says the proceeds of the financing will be used to advance Breye’s lead asset danegaptide into a randomised Phase II clinical trial in patients with non-proliferative diabetic retinopathy (NPDR). The study, which will aim to demonstrate clinical proof-of-concept, is due to start in 2027.
In conjunction with the financing, Robert Blazej, Partner at Mission BioCapital, and Lukas Ljungström from the Ljungström family office will join Breye’s board.
The financing comes shortly after Breye had an academic paper analysing the pre-clinical and early clinical stage evidence for danegaptide published in the journal Science Translational Medicine.
Ulrik Mouritzen, Chief Executive Officer, Breye Therapeutics, said: “This €67.5m Series A financing marks a major milestone for the company and validates the enormous progress we have made to date. Importantly, it enables us to advance danegaptide, our pioneering, first-in-class oral treatment for diabetic retinopathy, to the next stage of clinical development – bringing a much-needed patient-friendly treatment option closer to those living with this debilitating eye disease.”
Danegaptide is a first-in-class oral small molecule with a novel mode of action that stabilises the retinal vasculature, thus protecting against retinal capillary breakdown and vascular leakage caused by chronically high glucose levels (hyperglycaemia).
The funding will also be used to progress Breye’s broader pipeline of oral small molecules, which includes a P2X7 receptor antagonist for iAMD which is intended to reduce nerve damage and inflammation, and additional candidates in glaucoma with neuroprotective effects.