Neurodegenerative disease focused Teitur Trophics raises €28m in Series A financing
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.