Myelo Therapeutics announced that it has raised an undisclosed amount of Series B funding. The financing round was co-led by venture capital investors IBB Beteiligungsgesellschaft mbH with its VC Fonds Technologie Berlin and Eckert Life Science Accelerator GmbH, as well as the pharmaceutical company JSC Valenta Pharmaceuticals and Myelo001 inventor Dr. Vladimir Nebolsin. The successful closing of its Series B financing round will enable Myelo Therapeutics to complete the clinical proof of concept for Myelo001 in CIN and expand its preclinical research of Myelo001 to new areas.
Dirk Pleimes, Managing Director and Chief Medical Officer, stated, “Myelo001 offers a novel, orally applied treatment of chemotherapy-induced neutropenia and bone marrow suppression. New adjunct treatment options are needed for cancer patients to allow the full chemotherapy dose to be maintained and to decrease the incidence of infections. “ Till Erdmann, Managing Director responsible for business development, declared, “In less than three years after founding the company, we brought our first development compound to phase II clinical stage. Our scientific progress and the company’s increase in value are confirmed by several outstanding institutional and strategic investors that participated in our Series B financing round. With a well-defined development strategy for an innovative compound, we are targeting an indication with high unmet medical need, no significant treatment innovation for over 20 years, and a market size of USD 6 billion.”
“Myelo001 has shown its potential in several indications, such as Chemotherapy- and Radiotherapy-induced Myelosuppression, as well as the prevention and treatment of respiratory viral infections. I am pleased that we are now starting clinical development in Chemotherapy-induced Neutropenia as a first step,” says Dr. Vladimir Nebolsin, the medicinal chemist who first synthesized Myelo001. “Myelo Therapeutics’ management convinced us with the significant progress they have achieved so far in a short time period, as well as a well-executed development strategy for an innovative compound with high market potential,” said Christian Seegers, senior investment manager of the IBB Beteiligungsgesellschaft. “We are convinced that financing Myelo Therapeutics GmbH further promotes the strong pharmaceutical environment in Berlin.”
Myelo Therapeutics GmbH, a pharmaceutical company, develops conventional chemotherapeutic agents for use in anticancer treatments. It develops myelo001, a small molecule for the treatment of patients with chemotherapy-induced neutropenia and thrombocytopenia. The company is based in Berlin, Germany.