Confo Therapeutics secures €6.7 million in first financing round
Investment will support first-in-class development programs for pathway selective drugs targeting GPCRs
Confo Therapeutics, an emerging drug discovery company, announced the completion of its first financing round at €6.7 million. Incorporated in June 2015 by VIB and lead investor Capricorn Venture Partners, Confo Therapeutics received its initial financing from the Capricorn Health-Tech Fund, Qbic and SOFI. MINTS (University of Michigan), Participatie Maatschappij Vlaanderen NV (PMV), V-Bio Ventures (V-Bio) and VIB have joined the initial investors syndicate.
Confo Therapeutics is a drug discovery company building a pipeline of development programs targeting G protein-coupled receptors (GPCRs) that are currently considered undruggable.
GPCRs are attractive drug targets in the treatment of a wide range of disease conditions with high unmet need. CONFO® technology allows medically relevant GPCRs to be stabilized in their active signaling state, revealing new binding pockets accessible for drug discovery.
The investment amount of €6.7 million will be used to further establish the company in agonist GPCR drug screening, expand the team and build a portfolio of first in class pre-clinical development programs in therapeutically relevant disease areas.
In addition, Confo Therapeutics secured an IP license agreement with university collaborators VIB, VUB, University of Michigan and Stanford University. Both VIB and University of Michigan (MINTS program) made a direct investment in the company.
Following this round of financing, the company board of directors will comprise of Els Beirnaert (VIB), Chris De Jonghe (PMV), Ekaterina Smirnyagina (Capricorn), Christina Takke (V-Bio), Marc Zabeau (Qbic) and Stephane van Rooijen (CEO).
Ekaterina Smirnyagina, Capricorn Venture Partners: “We have supported Confo Therapeutics since its inception and welcome the new investors. We look forward to working together on maximizing the value of the company’s truly innovative technology.”
Christina Takke, V-Bio Ventures: “V-Bio Ventures invests in early stage biopharmaceutical companies developing technologies that provide transformational improvements, supported by world class scientific research. This investment perfectly exemplifies V-Bio’s investment strategy and we are excited to contribute to the future success of this promising venture.”
Marc Zabeau, Qbic: “This financial backing is a clear endorsement of the potential of the CONFO® technology. Confo Therapeutics is ready for the next steps in its journey to deliver its development targets.”