New investors, Industrifonden, Innovestor’s Life Science Fund and P53 Invest, also participated in the funding exercise.
Teitur said the proceeds will enable it to progress its lead drug candidate, TT-P34, from candidate selection into clinical development, including a Phase 1b clinical study in neurodegenerative diseases.
A spin out from Aarhus University in Denmark, Teitur was seeded by the BioInnovation Institute (BII) in 2020. The company has developed a platform of cyclic peptides with a mechanism that preserves neuronal function.
Simon Mølgaard, CEO of Teitur Trophics, told BioPharma-Reporter about the potential of its lead drug candidate:
“TT-P34 has shown potent effects in mouse and rat models for Huntington’s Disease, Parkinson’s Disease and Frontotemporal Dementia. The €28m Series A funding will allow Teitur to bring P34 into clinical development and identify clinical biomarkers for subsequent patient trials.
“Initial Phase I clinical trials will run in Europe but depending on the indication we may subsequently seek approval to initiate trials in the US.”
TT-P34, he continued, is developed from the sortilin-related Vps10p domain containing receptor 2 (SorCS2) and works by ameliorating three of the key hallmarks of neurodegeneration: loss of mitochondria and lysosomal functions and pro-survival pathways.
“Ultimately, TT-P34 supports the survival of the neuronal cells to restore brain function.”
A cyclic peptide with a lipid anchor, TT-P34 can be delivered subcutaneously to reach the brain and activate pro-survival pathways, explained the CEO. It is produced synthetically.
A CRO is producing the peptide currently and that will remain the set-up going forward, said Mølgaard.