Neuroplast has raised a total of €10 million in a Series B funding round, the money of which will be used to obtain conditional European Medicines Agency (EMA) market approval for its Neuro-Cells stem cell therapy to treat patients with traumatic spinal cord injuries (TSCIs).
Neuro-Cells is a treatment that is designed to use the patient’s own stem cells to prevent further loss of function during the acute phase after sustaining damage to the spinal cord, in an effort to save mobility and independence.
The funding round included investment from Lumana Invest, Brightlands Venture Partners, LIOF, and from the Innovation Credit from the Netherlands Enterprise Agency.
Neuroplast has already completed a clinical Phase I trial—in collaboration with Hospital Nacional de Parapléjicos (Toledo, Spain)—that it says confirmed safety and tolerability, without product-related adverse events. The firm is currently preparing for an international multicentre randomised placebo-controlled Phase II study.
This latest funding will help finance the next steps towards EMA market approval for TSCI, which includes running Phase II and III trials, consulting the EMA and executing a Health Technology Assessment.
Vincent The, chief financial officer at Neuroplast, said: “This funding enables us to complete the Neuro-Cells development pathway for TSCI. With the recent successful completion of our Phase I study, we now have both a good clinical as well as a solid financial foundation in place.
“This puts us in a great position to start exploring the broader potential of the Neuro-Cells technology platform for other primarily inflammation-driven neurological disorders. For these activities, we are seeking complementary investment.”