Azafaros, a clinical-stage company focused on developing disease-modifying therapeutics to offer new treatment options to patients with rare lysosomal storage disorders, announced the completion of an oversubscribed €132 million Series B financing led by Jeito Capital, co-led by Forbion Growth, and with additional participation from Seroba, Pictet Group and existing investors Forbion Ventures, Schroders Capital and BioGeneration Ventures (BGV).
Launched in 2018 by BGV, utilizing science from Leiden University and Amsterdam UMC, Azafaros is led by a team of highly experienced industry experts in rare disease drug development and commercialization. And the company is developing a first-in-class dual-acting drug candidate to offer new treatment options to patients with lysosomal storage disorders, a group of severe and rare genetic diseases that often cause progressive neurodegeneration and, in many cases, fatal outcomes.
What the funding will be used for: This financing enables Azafaros to accelerate the development of its lead product nizubaglustat, scheduled to enter Phase 3 studies for Niemann-Pick disease Type C (NPC) and GM1/GM2 gangliosidoses later this year, as well as expanding the Azafaros pipeline to other indications.
New board members: Rachel Mears, Partner at Jeito Capital; Julien Elric, Senior Principal at Jeito Capital; and Audrey Cacaly, Principal at Forbion Growth will also join Azafaros’s Board of Directors as Board members.
KEY QUOTES:
“This successful Series B round marks a significant milestone for Azafaros, allowing us to accelerate the development of nizubaglustat and leverage our scientific understanding and competencies to bring additional candidates into development. The fact that we have been able to attract leading life sciences investors to join our existing, strong group of specialist investors is a testament to the impressive accomplishments of the team and the large unmet medical need that currently exists for patients with these hugely debilitating neurological diseases. We look forward to bringing nizubaglustat to patients.”
Stefano Portolano, Chief Executive Officer at Azafaros
“Azafaros has been impressive in its execution, with nizubaglustat poised to begin Phase 3 clinical development and the potential to significantly improve the lives of NPC and GM1/GM2 patients. We are excited to support and accelerate the Azafaros team in this important next step in the company’s clinical development journey. Leading this round further demonstrates Jeito’s commitment to making a meaningful difference in patients’ lives by pursuing much needed benefits for those suffering from rare diseases.”
Rachel Mears, Partner at Jeito Capital
“Azafaros exemplifies the kind of science-driven, mission-focused company we seek to back. Nizubaglustat has the potential to fundamentally change the treatment landscape for rare genetic diseases, and we are proud to support their journey as they move closer to delivering real hope and this much needed treatment option to patients and families.”
Audrey Cacaly, Principal at Forbion Growth
