VarmX raises €12.5m

Leiden-based biotech VarmX said the funding will speed up development of its lead compound PseudoXa designed for effective prevention and treatment of severe bleeding in the growing number of patients taking anti-coagulants. Each year 2-3 % of patients taking factor Xa anti-coagulant drugs experience severe bleeding, which is difficult to treat or to prevent in the setting of emergency surgery. PseudoXa is a patented recombinant factor Xa, which serves as an antidote due to its capacity to completely or partially reverse the anti-coagulant effect of direct factor Xa inhibitors such as rivaroxaban, apixaban or edoxaban.

The financing will enable VarmX to advance its lead compound PseudoXa as a safe and effective factor Xa anti-coagulant reversal agent into human clinical studies. With their Series A investment, following last year’s seed investment, BGV and InnovationQuarter together with RVO.nl enable the company expand its team and develop the production process, focusing on purification and formulation as well as on the pharmacodynamics and kinetics of the active compound. Moreover, safety in preclinical models and in human volunteers will be demonstrated. Work will also continue on the development of new compounds, to build VarmX into a biotechnology company with a broader pipeline of hemostasis and thrombosis related therapies.

Other factor Xa antidotes include clinical-stage ciraparantag (PER977/aripazine, Perosphere Pharmaceuticals) and FDA-approved Andexanet alfa (trade name Andexxa, PRT064445, Portola Pharmaceuticals).