France-based biotechnology company AlgoTx, the developer of an innovative topical treatment for chemotherapy-induced peripheral neuropathy (CIPN), has raised €12M in a Series A round led by Bpifrance through its InnoBio 2 fund with co-investor Omnes. Existing and new business angel investors, also significantly participated in this financing round. The proceeds will be used to fund the clinical development of its lead candidate ATX01 up to clinical proof of concept.
Over the last two years, AlgoTx took ATX01 from exploratory prototype to final formulation, established its pharmacological profile, conducted a full pre-clinical toxicology package, and scaled-up manufacturing to enable clinical supply production. In parallel, AlgoTx firmed-up ATX01’s development pathway via a pre-IND consultation with the FDA and obtained an Orphan Drug Designation from the FDA to explore ATX01’s activity in erythromelalgia. ATX01 is due to enter Phase I clinical trials in early 2021.
Inspired by clinical experience at a specialized pain treatment center, AlgoTx’s ATX01 targets topical treatment of CIPN by repositioning amitriptyline into a suitable topical formulation. The body of data from ATX01’s pre-clinical development now provides the pharmacological explanation for encouraging exploratory clinical observations with a precursor formulation published in early 2019.
Over half of cancer patients treated with chemotherapy develop CIPN and experience sensory symptoms and pain in the hands and feet: loss of sensitivity, tingling, burning, cold and intense pain can persist for months to years after treatment. CIPN can prevent patients from walking or using their hands, thus deeply affecting their quality of life.
CIPN is found in over two million patients in the US and Europe, a leading cause for modification or interruption of chemotherapy. To this date, no therapeutic approach has offered a satisfactory response for patients and their caregivers, oncologists and pain specialists.
Stéphane Thiroloix, Founder & CEO of AlgoTx, says: “I am thrilled that such high-profile partners as Bpifrance and Omnes decided to support ATX01’s development journey towards a genuine relief for countless patients around the world.”
Thibaut Roulon, Investment Director at Bpifrance commented: “CIPN is a considerable unmet medical need. We are enthusiastic about AlgoTx’s innovative and pragmatic approach, which could significantly improve the quality of life for many cancer patients”.
“The AlgoTx team displayed scientific and operational strength in the early development of ATX01 and we are confident in their ability to establish the product’s clinical efficacy and safety going forward”, stated Claire Poulard, Principal at Omnes Capital.
