Domain Therapeutics Closes EUR Two Million Funding Round
News Jul 18, 2012
Domain Therapeutics has announced that it has completed a EUR two million financing round.
Half of the funds have been provided by a new investor, Seventure Partners and the other half has been committed by another new investor, SODIV and Domain’s existing shareholders - AIRFI, IP Growth, Auriga and Sam Eletr, the chairman of Domain’s board.
Domain Therapeutics’ business model is currently transitioning from contract research activities for the pharmaceutical industry to collaborations and strategic alliances with existing clients and new partners. The new financing will support this evolution.
During the past three years Domain has validated its innovative approach and is now strengthening its proprietary drug discovery platform DTect-All™ with complementary technologies to better respond to the GPCR market needs.
In addition, some 30 high-throughput screening assays targeting high-potential GPCRs will soon be added to the company’s existing portfolio.
Domain Therapeutics is also moving forward with its internal research programs focusing on Alzheimer’s disease and depression (mGluR2 NAM), Parkinson’s disease (mGluR3 PAM - supported by the Michael J. Fox Foundation) and schizophrenia (undisclosed orphan GPCR – supported by a government grant).
“Domain Therapeutics has succeeded in becoming a recognized player in GPCR drug discovery and we have been very impressed by the company’s recent achievements,” said Sebastien Groyer, partner at Seventure Partners.
Groyer continued, “The pharmaceutical industry is increasingly externalizing its R&D projects and sourcing its future drug candidates from innovative start-ups. We, therefore, believe in the success of Domain Therapeutics’ model and are delighted today to join the company as it embarks on another phase of strong value creation.”
The market for GPCRs is the largest in terms of current therapeutic targets. It accounts for over 40 per cent of the drugs currently on the market and represents annual sales of more than USD 40 billion.
Yet the therapeutic potential of this receptor family still remains very significant and largely underexploited, since drugs acting on GPCRs address only fifteen per cent of this class of therapeutic targets.
The DTect-All™ platform is doubly innovative compared with classic approaches to the discovery of new drug candidates. It makes it possible to work on the most difficult GPCRs: those that have not resulted in the discovery of any new drugs up to now.
It also permits the selective discovery of allosteric modulators, which have greater therapeutic interest than conventional drugs but remain more difficult to identify using traditional screening methods.
“We are very pleased with the confidence placed in the company by our new investors and are very grateful to our historic shareholders for renewing their support,” said Pascal Neuville, chief executive officer of Domain Therapeutics.
Neuville continued, “After breaking even financially two years ago, thanks to our contract research business, this injection of capital will be dedicated to accelerating the transition towards the next step of value creation and will enable the company to stay at the forefront of GPCR drug discovery.”