NIJMEGEN, Netherlands--(BUSINESS WIRE)--Alveron Pharma is pleased to announce today the closing of a €5.0 million Series Seed extension financing (approx $5.28 million USD) to advance the development of its innovative drug, OKL-1111, for the treatment of intracranial haemorrhage (ICH). The syndicate is led by Broadview Ventures and includes the participation of all existing investors including Sanquin (the Dutch Blood Foundation), Thuja Capital, Waterman Ventures and Oost NL.
Founded in 2019, Alveron Pharma is developing a synthetic anticoagulant and platelet inhibitor reversal agent to prevent haematoma expansion and improve clinical outcomes in patients with ICH. Current therapies for treating ICH patients on anticoagulants have cumbersome regimens, resulting in excessive door to needle times, often exceeding two hours, which exacerbate poor outcomes for these patients. OKL-1111 has a universal mode of action by binding to a downstream clotting factor and a unique product profile, enabling administration within 10 minutes of a diagnosing CT scan. In addition, the drug reverses the effects of clopidogrel, a major platelet inhibitor, for which there is currently no antidote. The capital provided from this new financing enables Alveron to accelerate important development activities that support OKL-1111’s readiness for further clinical studies to demonstrate safety and proof-of-concept efficacy in patients.
“With the support from our syndicate of specialist life science investors, alongside the expertise of our Scientific Advisory Board, we are eager to advance our innovative therapeutic approach and improve patient outcomes,” said Ben Nichols, CEO of Alveron Pharma.
Benjamin Kreitman, Principal at Broadview Ventures, Inc. commented, "Intracranial haemorrhage remains a severe unmet medical need, and the development of novel treatments to reverse both anticoagulants and platelet inhibitors could deliver a meaningful improvement in the long-term outcomes of ICH patients. As Broadview's investment strategy is focused on the improvement of human health in the areas of cardiovascular disease and stroke, we are delighted to accelerate this highly innovative approach in this indication of significant unmet need."
About Alveron Pharma. Alveron is a clinical-stage company developing OKL-1111 as a first-line intravenously-administered therapy to treat intracranial haemorrhage (ICH) associated with anticoagulant and/or platelet inhibitor use. OKL-1111’s novel mechanism of action and product profile could enable a significant reduction in the time required to halt bleeding as compared to other reversal approaches, to limit hematoma expansion and improve clinical outcomes including mortality and morbidity. https://www.alveron.com
About Broadview Ventures. Broadview Ventures is a mission-driven investment organization that makes targeted investments in early-stage companies to accelerate the development of innovative therapeutics, devices, and diagnostics for cardiovascular disease and stroke. Broadview is funded by the Leducq Charitable Trust. www.broadviewventures.org
About Thuja Capital. Thuja Capital Management (Thuja) manages several venture capital funds aimed at building and scaling companies in the fields of (bio)pharmaceuticals, MedTech and digital health. In addition to generating a financial return for its investors, Thuja’s investments positively impacts the health and well-being of patients. Thuja serves physicians and patients worldwide by providing capital to daring entrepreneurs with ground-breaking product concepts locally. For more information visit www.thujacapital.com.
About Waterman Ventures. Waterman Ventures is a technology investor with over 30 years of experience in turning promising innovations into flourishing companies. Through the years, Waterman has collected a wealth of experience and lessons learned in building teams, finding product-market fit, scaling production and growing revenues. It is its heartfelt ambition to keep engaging this experience to support the leading companies of the next generation. For more information visit www.watermanventures.nl.
About Oost NL. (East Netherlands Development Agency) is an agency that focuses its activities and projects on strengthening and stimulating the economy of the provinces of Gelderland and Overijssel, the Netherlands. Oost NL supports starting and growth-phase SMEs. We do this partly with risk capital from various revolving innovation funds, and partly through our knowledge, networks and personal contacts. Through the revolving funds we provide direct as well as indirect investment in private funds and, if required, we also provide fund management in other national public instruments we help deploy. www.oostnl.nl
About Sanquinnovate (SQI). SQI is dedicated to transforming Sanquin's unique knowledge and expertise into tangible solutions that enhance the healthcare and quality of life for patients and donors. We achieve our mission by supporting the valorization process, founding participation, and securing licensing agreements. This allows us to translate knowledge from the laboratory into real-world applications, creating value for society, patients and donors. For more information visit www.sanquin.org/nl/partnering/over-sanquinnovate
