SOM Biotech raises €2 million in round of funding with 18 international investors
<p>The company will use this capital to grow in the United States and fund a clinical trial on its repositioned drug to treat Huntington disease</p>
SOM Biotech, a Catalan biopharmaceutical company specializing in drug repositioning for minority diseases of the nervous system, has closed a €2-million round of funding with 18 super-business angels, most of which are former executives from the pharmaceutical sector, from countries around the world, including Monaco, the United Kingdom, Poland, the Czech Republic, the United States, South Korea, Hong Kong, India and Spain.
With this capital, the company hopes to consolidate its presence in the United States, boost licensing and co-development activities over the first half of 2017 and fund a phase II clinical trial on its SOM3355 compound, a drug repositioned to treat Huntington disease and the company’s second product to reach the clinical phase. They expect this drug to hit the market within five years and generate revenue upwards of €600 million.
SOM Biotech works with prepositioned drugs, which are those that are repurposed after having already been approved to treat other conditions. This considerably cuts the risk and investment involved in developing new therapeutic applications. Since the company was founded in 2009, it has raised more than €5.3 million. “The funds raised will allow us to boost our international presence in order to become a global leader in drug repositioning for minority neurological diseases,” explains company CEO Dr. Raúl Insa.