VarmX BV raises €30m in Series B2 financing

Leiden-based VarmX BV said it will use the €30m Series B2 money to complete the data required for IND approval of its lead candidate VMX-C001, a recombinante antidote to oral factor Xa inhibitors which are widely used to prevent blood clotting but can lead to dangerous bleeding episodes. The proceeds will also enable VarmX to scale manufacturing of VMX-C001 for its further clinical testing. The financing was led by Sound Bioventures the EIC Fund joining existing investors EQT Life Sciences (formerly LSP),  Inkef, Lundbeckfonden BioCapital, Ysios Capital, BioGeneration Ventures, InnovationQuarter, and Libertatis Ergo Holding.The Dutch company had already completed a €32m Series B financing in 2020.

VarmX has completed enrollment of patients into a first-in-human study, to demonstrate safety and provide clinical proof of principle of the compound. The company will present initial data at the International Society on Thrombosis and Haemostasis conference in Montreal (June 24-28, 2023). Full study results of the study that is set to enroll 88 patients will be available later this year.

VMX-C001 is a modified recombinant human blood clotting factor X derived from the Australian brown snake venome that enables blood to clot normally in the presence of synthetic  factor Xa blood clotting inhibitors. About 2-3% of the annually 10 million patients that receive Factor Xa blood clotting blockers suffer from severe bleeds. VMX-C001 is set to facilitate the fast, safe and effective treatment of severe spontaneous bleeds in patients that are taking direct oral anticoagulant blood thinners (DOACs) and, in addtion, to enable patients on this class of blood thinners to undergo emergency surgery without the risk of bleeding associated with FXa DOACs. 

The compound has the potential for a  strong and differentiated profile, including universal and single dose reversal, ease-of-use and safety that supports emergency care use and it shows promise for applications in other indications.