Prexton Therapeutics gets €29m cash injection
Merck Serono spin-out Prexton Therapeutics has closed a Series B financing round cashing in US$31m for pushing Phase II testing of its Parkinson's compound PXT002331.
Dutch investor Forbion (Naarden) and Seroba Lifescience (Dublin) led the financing round. Other investors included Merck Ventures, Ysios and Sunstone. Prexton announced that Marco Boorsma (Forbion) and Alan O’Connell (Seroba) will join its Board.
The Series B funding will be used to finance two Phase II studies of Prexton’s lead product, Foliglurax (PXT002331), an allosteric modulator licenced from Domain Therapeutics, in Parkinson’s disease (PD). PXT002331 targets the metabotropic glutamate receptor 4, which is reportedly involved in neuronal degeneration of the substantia nigra, observed in PD. Glutamatergic correction of the progressive degeneration process offers a promising alternative to current dopaminergic treatments.
Results of previous Phase I studies completed in September 2016 suggested that PXT002331 is safe and well tolerated at doses above those that led to symptom relief in PD preclinical models such as non-human primates. Results of the two proof-of-concept Phase II tests in Europe and the US are not expected to be announced before the end of 2018. The primary endpoint of both studies is reduction in off time, that is muscle rigidity in patients.
Upon the time of the announcement none of the planned studies were part of clinical trials registries in the US or the EU.
adobe stock photos - Sergii Figurnyi 
Laverock Therapeutics