Teitur Trophics raises EUR 28M in Series A financing to advance the development and treatment for neurodegenerative diseases
Teitur Trophics, a biotech company dedicated to developing new treatments for patients suffering from neurodegenerative diseases, today announces the completion of a €28M Series A financing.
The financing was co-led by Sunstone Life Science Ventures and Sound Bioventures, with participation from new investors, Industrifonden, Innovestor’s Life Science Fund and P53 Invest. The proceeds will enable Teitur to progress its lead drug candidate, TT-P34, from candidate selection into clinical development, including a Phase 1b clinical study in neurodegenerative diseases.
Teitur, a spin out from Aarhus University seeded by the BioInnovation Institute (“BII”) in 2020, has developed a platform of first-in-class cyclic peptides with a novel mechanism that preserves neuronal function. The peptides have the potential to treat patients suffering from a broad range of neurodegenerative diseases. Lead drug candidate, TT-P34 is administered subcutaneously and has shown potent, brain specific effects in animal models for Huntington’s Disease, Parkinson’s Disease and Frontotemporal Dementia.
TT-P34 was developed from the sortilin-related Vps10p domain containing receptor (“SorCS2”) receptor and acts by targeting the three major pathophysiological hallmarks of neurodegeneration: mitochondrial failure, lysosomal dysfunction, and loss of pro-survival signaling. TT-P34 uniquely restores energy homeostasis in brain cells, induces clearance of toxic protein aggregates, and promotes neurotrophic effects, thereby supporting neuronal cell survival in neurodegenerative diseases.
Fredrik Lehmann, Venture Partner at Industrifonden, commented: ”There is a real unmet medical need for new therapies for neurodegenerative diseases and Teitur Trophics is leading the way with their innovative approach to the development and treatment for these diseases. The investor syndicate in this round ensures a strong financing and enables the company can take their lead drug into clinical development.”