Home Interviews Saniona-backed Cephagenix secures 9 MEUR in seed financing

Saniona-backed Cephagenix secures 9 MEUR in seed financing

Saniona-backed Cephagenix secures 9 MEUR seed financing

Saniona-backed Cephagenix secures 9 MEUR in seed financing

16 January, 2025

Saniona has announced that Cephagenix, a joint venture with Professor Jes Olesen at the University of Copenhagen, has successfully raised up to 9 MEUR  in tranched seed financing. The funding round was led by AdBio Partners and AbbVie Ventures and aims to accelerate the development of Cephagenix’s vascular KATP channel inhibitor program, targeting novel anti-migraine therapies. BioStock reached out to Saniona’s CEO Thomas Feldthus for a comment.

Saniona, which holds a 33 percent ownership in Cephagenix, established the company in 2020 alongside Jes Olesen, Professor at the Danish Headache Center, University of Copenhagen, based on his decades-long research into migraine mechanisms and Saniona’s expertise in ion channel-based drug discovery and development.

Cephagenix’s lead program focuses on subtype-selective ATP-sensitive potassium channel (KATP) inhibitors. These channels play a crucial role in migraine induction by influencing intracranial artery function. The company has already identified highly selective inhibitors for the KATP channel subtype expressed in intracranial arteries, with first-generation compounds demonstrating efficacy in rodent migraine models.

AdBio Partners and AbbVie Ventures step in

Cephagenix has now secured up to 9 MEUR tranched seed financing from AdBio Partners – a venture capital firm investing in early-stage life sciences companies in Europe, and AbbVie Ventures, the corporate strategic venture capital arm of pharma giant AbbVie. AbbVie Ventures focuses exclusively on novel, transformational therapeutics at discovery and pre-clinical stages.

The funding will advance Cephagenix’ vascular KATP channel inhibitor program, which aims at developing first-in-class anti-migraine treatments.

Professor Jes Olesen commented on the news in a press release:

“I am thrilled to see Cephagenix’s anti-migraine program attracting interest from leading venture investors.”

Palle Christophersen, Executive Vice President of Research at Saniona and part of the executive team of Cephagenix, added:

“We are optimistic about selecting one or more development candidates under this seed financing round, which represents a critical step toward addressing the significant unmet medical need in migraine treatment.”

With the support of Saniona and new investments from AdBio Partners and AbbVie Ventures, Cephagenix is thus well-positioned to advance its work in migraine treatment.

Thomas Feldthus, vd Saniona
Thomas Feldthus, vd Saniona

Saniona’s CEO Thomas Feldthus provides further comment

For Saniona, who signed a licensing agreement worth up to 610 MUSD with Acadia Pharmaceuticals for SAN711 in neurological diseases only one month ago, the seed financing provides yet another validation of the company’s scientific edge. BioStock contacted CEO Thomas Feldthus to get his thoughts on the news.

Thomas, what inspired Saniona to partner with Professor Jes Olesen to establish Cephagenix?

– Our decision was driven by a combination of factors. First, Jes Olesen proposed an intriguing target, the KATP ion channels, which presented a strong scientific rationale and aligned well with our technology platform and expertise, making the project highly feasible. Jes’s belief in the potential of this new target, combined with his willingness to invest personally and actively participate in the joint venture, made him an ideal partner.

– Jes is also a globally recognized expert in migraine research, with a remarkable track record that includes proposing the now-validated CGRP antagonist target, which has transformed migraine treatment. His credibility is further reinforced by receiving Lundbeck’s Brain Prize, often regarded as the “Nobel Prize” of CNS research.

– This collaboration allows Saniona to focus on chemistry, cellular biology and drug discovery while leveraging Jes’s clinical migraine expertise and his deep knowledge about the pathophysiology of the disease. Both parties have contributed financially in proportion to their ownership stakes, ensuring shared commitment to the program’s success.

Can you elaborate on Saniona’s specific contributions to the development of the vascular KATP channel inhibitor program?

– Saniona screened its compound libraries and identified several promising series of interest. We synthesized hundreds of compounds, identified a highly selective tool compound, which achieved proof of concept in animal models at Jes’s laboratories. These efforts were critical in advancing the program toward its next stages.

How do you plan to position the Cephagenix’s program in the broader migraine treatment market, especially given the dominance of CGRP antagonists?

– While CGRP antagonists dominate the market by value, generic triptans remain the first-line treatment for many migraine patients. CGRP antagonists are primarily used prophylactically in severe cases, reducing the number of attacks by more than 50% for about 60% of patients, yet significant gaps in treatment remain.

– For example, the MAST study (Lipton, 2017) found that 75% of U.S. migraine patients do not use prescription medication during attacks, and most who do are dissatisfied with their current options. This highlights the limitations of existing treatments, which typically target only one of many potential triggers and mechanisms leading to migraine. Cephagenix’s target is considered downstream of many known mechanisms, offering the potential to benefit a broader patient population and effectively address this unmet need.

How does Saniona’s 33 per cent ownership in Cephagenix align with Saniona’s long-term strategy?

– Saniona is focused on advancing programs in epilepsy, with some programs also having potential in other neurological and psychiatric diseases. Our technology extends beyond these fields, allowing us to explore partnerships in areas like migraine through collaborations such as Cephagenix.

– We believe this program has significant potential to disrupt the migraine field, addressing both prophylactic and acute treatment markets. This partnership enables the program to progress with the support of highly qualified and esteemed investors while Saniona continues contributing through a fully funded research agreement with Cephagenix.

– This collaboration not only supports our financial position in the near term, ensuring that Saniona’s research activities are fully financed and all income from Acadia will be allocated to develop the internal pipeline, but also provides potential future upside through our equity stake in Cephagenix and other payments. Additionally, we retain the option to reinvest research income into Cephagenix, allowing us to maintain our ownership stake and further align with the program’s success.

AbbVie’s corporate venture arm participates in this financing. What does this signal about the potential of this program?

– AbbVie Ventures invests in transformational scientific opportunities aligned with AbbVie’s core R&D interests to gain access to next-generation science and build relationships with proven and emerging scientific leaders. AbbVie is a major pharmaceutical company and a market leader in the migraine treatment space, with extensive knowledge of the field.

– Their venture arm’s decision to invest in Cephagenix highlights the program’s strong potential and disruptive capabilities. This investment underscores AbbVie’s belief that Cephagenix’s innovative approach could significantly impact both the prophylactic and acute treatment markets for migraine, potentially reshaping the competitive landscape.

How big is the market?

– Migraine affects 12% of the global population, imposing significant socioeconomic costs estimated at €40–100 billion annually within the EU alone. Global prescription migraine treatment sales are projected to grow from $5.8 billion in 2023 to $12.4 billion by 2030, underscoring substantial opportunities for innovative therapies like those being developed by Cephagenix.

What key milestones do you expect Cephagenix will achieve with the 9 MEUR seed financing?

– The seed financing is structured as a tranched investment, with specific milestones tied to each tranche. The primary goal is to identify a candidate suitable for preclinical and clinical development.

The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.

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