The financing was led by an international syndicate with equal contributions from Andera Partners, Fund+, Hadean Ventures, Inkef Capital and Sunstone Life Science Ventures, with existing investors also participating.
The company said the funding will be used primarily to accelerate development of Microlyse, its lead compound, which is designed to bind to a protein present in all forms of thrombosis and is currently under development for thrombotic thrombocytopenic purpura (TTP) and Acute Ischemic Stroke (AIS).
Due to the targeted nature of the therapy, TargED said it is expected to lead to a superior side effect profile alongside the potential for exceptional potency compared to current agents.
The treatment is administered intravenously, in hospital settings.
TargED was founded in July 2020 by Coen Maas, associate professor at the Department of Clinical Chemistry and Haematology, University Medical Center Utrecht, who is an expert in thrombosis and hemostasis, along with Steven de Maat, who has a background in recombinant protein development and optimization, Marc van Moorsel, a researcher with focus on AIS, and industry veteran, Kristof Vercruysse, who has more than 20 years of experience in bringing biopharmaceutical compounds from pre-clinical proof of concept to market, most notably, caplacizumab for Thrombotic Thrombocytopenic Purpura at Ablynx between 2007 and 2013.
Olivier Litzka, Partner at Andera Partners, commented: “Microlyse is a therapeutic innovation that has a very strong potential to significantly lower the burden of disease related to thrombotic events.”
The strength of Microlyse is that it targets only pathological blood clots without interfering with normal coagulation, which is necessary to avoid the risk of bleeding, the main risk associated with current treatments, the investor told BioPharma-Reporter.
In terms of next steps, Litzka outlined how TargED will now begin structuring its team, engaging with regulatory authorities, and continuing its preclinical development.
“Following regulatory preclinical and CMC development, Microlyse should first be tested for safety in healthy volunteers within approximately two years. Once this is completed, clinical development in patients with aTTP or AIS can begin.”