Advicenne listens to Bpifrance for $17.2m round
Posted on 22 March, 2017 by Thierry Heles, editor
Bpifrance, through InnoBio, has participated in a funding round for Advicenne, which is working on therapies for orphan renal and neurological conditions.
France-based late-state biopharmaceutical firm Advicenne closed a €16m ($17.2m) funding round on Monday that featured public investment bank Bpifrance through its InnoBio program.
The round was co-led by Irdi Soridec Gestion, Cemag Invest and MI Care. It also included Ixo Private Equity and several private investors.
Advicenne is working on treatments for orphan renal and neurological diseases, particularly focusing on therapies that could be administered to children.
The company will use the cash to complete a phase 3 trial of its drug candidate ADV7103 for renal tubulopathy, develop ADV7103 for a second indication and to register ADV6209, a paediatric anaesthesiology product that the company licensed to Primex Pharmaceuticals last year.
Bpifrance previously took part in a $7.3m funding round in 2011 alongside Ixo, Sofinnova Partners and Femmes Business Angels, according to deals database PitchBook, which also indicates that Advicenne secured an undisclosed sum from unknown backers in 2007.
Philippe Boucheron, deputy chief life sciences investment at Bpifrance, said: “The investment proposition presented by Advicenne attracted our interest very early on and we decided to give it our full backing.
“Three elements caught our attention as we looked at Advicenne: the clear unmet medical need in the orphan diseases it is targeting, the relatively de-risked business model, and the focus and experience of the management team to advance its pipeline from R&D all the way to commercialisation.”
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