The company has completed a financing round to provide funds for early clinical development of its lead candidate, GS-248.
A consortium consisting of venture capital investor Industrifonden and a group of private life sciences investors provides financial and strategic support to Gesynta’s development programs and brings the company to its next pivotal milestone, to make GS-248 ready for Phase II clinical trials in 2020.
Securing 6 MEUR during 2019
The investment entails securing 6 MEUR during 2019. In addition to concluding the Phase I clinical program and make GS-248 ready for Phase II, the funds will enable conduct of studies intended for nomination of a candidate drug from Gesynta’s late-stage discovery portfolio that was recently acquired.
“We are encouraged to receive support not only from accomplished private life sciences investors, but also from the reputable venture capital investor Industrifonden. The commitment from these investors reflects a firm belief in Gesynta and its therapeutic concept, while also providing the company with funding as well as further competence and investor network,” says Patric Stenberg, CEO of Gesynta Pharma AB.
Additions to the board
In connection with the financing round, Gesynta strengthens its board through the addition of non-executive directors Bita Sehat, Investment Manager at Industrifonden, and William Gunnarsson, accomplished life science investor at BWG Invest sarl.
Gesynta’s lead candidate drug, GS-248 is a potent and selective inhibitor of microsomal prostaglandin E synthase-1 (mPGES-1). GS-248 will elicit its effect through a mechanism that provides combined anti-inflammatory, vasodilatory and platelet inhibitory effects and is being developed for treatment of microvascular diseases in chronic inflammatory conditions.
Photo of the Gesynta Pharma team