Berlin, Germany, 26 October, 2020:
Eternygen today announced the first closing of its Series A2 funding round led by new anchor investor Evotec SE and additional funding from venture capital firms Epidarex Capital, IBB Ventures and a number of family offices. The new investment amounting to € 5 m will be used to drive Eternygen’s development of novel treatments for non-alcoholic steatohepatitis ("NASH") to the next milestone, i.e. the selection of a preclinical development candidate, the initiation of IND enabling studies as well as growing clinical capabilities within the team.
“At Evotec we are committed to developing disease modifying treatments for metabolic diseases,” Dr Cord Dohrmann, Chief Scientific Officer of Evotec said. “Eternygen’s approach to NASH fits very well as it is focused on the inhibition of INDY, a target with accumulating evidence that is plays an important metabolic role in the development of NASH and related metabolic disorders. Although INDY is not easily tractable via small molecules Eternygen has managed to identify a number of chemical leads which clearly have the potential to be turned into drugs. We are very much encouraged by Eternygen’s progress and believe that they will deliver sorely needed drugs to NASH patients who are lacking effective treatment options.”
Evotec has been an investor in Eternygen since paticipating in the company's Series A funding round in 2017.
For further information on the Series A2 funding round, please follow this link to Eternygen's press release.