NorthSea Therapeutics, a Dutch biotech company, has secured €25 million in a Series A funding round, which will be used for the development of icosabutate — a structurally engineered fatty acid (SEFA) as a novel, oral approach for the treatment of non-alcoholic steatohepatitis (NASH).
Icosabutate has been found safe and effective in two prior phase II clinical studies for treatment of hypertriglyceridemia. This compound and a library of discovery- and pre-clinical-stage SEFAs are in-licensed from Pronova BioPharma Norge AS.
NASH stands for inflammation and damage to the liver which is the result of deposition of too much fat in the liver cells. An estimated 15 to 30 million patients in the six major markets will develop NASH in the coming years. This trend is, in part, secondary to the growing incidence of obesity, type 2 diabetes, and metabolic syndrome.
The €25 million financing round is to conduct a phase IIb clinical study in NASH with icosabutate and to develop it to phase III readiness, including clinical and non-clinical toxicology studies and CMC development.
“At its inception NorthSea Therapeutics has all the ingredients for success in the competitive NASH space. It has a promising and clinically tested compound, a team with experienced drug developers, world-leading experts in the field with a good access to clinical trial sites and backing by a strong syndicate of investors,” explained CEO Rob de Ree. “We believe icosabutate has the potential to impact the lives of millions of NASH patients globally, for whom there are currently little treatment options available.”
Dr John Kastelein, professor of Medicine at the Department of Vascular Medicine at the Academic Medical Centre (AMC) in Amsterdam added: “NorthSea Therapeutics and its lead compound, icosabutate, are in an ideal position to move rapidly into more advanced stage clinical trials to establish the role of this potent but very safe, structurally engineered omega-3 fatty acid in the treatment of NASH. A very promising molecule, both in pre-clinical as well as in clinical studies and a world-class advisory board are the foundations upon which NorthSea Therapeutics can build a straight road to pivotal registration studies. I am looking forward to being part of this exciting endeavour.”
The investment syndicate led by Forbion and BGV includes Novo Seeds, the early-stage investment arm of Novo Holdings A/S and New Science Ventures.