Synendos raises 20 million Swiss francs
Synendos Therapeutics has concluded a Series A financing round, raising 20 million Swiss francs. The Basel biotech will use the funds to advance the pre-clinical research on molecules for treating anxiety-related conditions. Synendos was supported by BaseLaunch, the accelerator and incubator of Basel Area Business & Innovation.
Andrea Chicca. CEO of Synendos Therapeutics, based in the Switzerland Innovation Park Basel Area in Allschwil
Synendos Therapeutics is developing a new class of small molecules aimed at restoring the natural functioning of the endocannabinoid system in the brain. This has the potential for treating a wide range of anxiety, mood and stress-related disorders. According to a press release, the 20 million francs raised in the Series A financing will allow Synendos Therapeutics to complete pre-clinical development on these molecules. In achieving this success, the startup was supported by BaseLaunch, the accelerator and incubator of Basel Area Business & Innovation, the investment and innovation promotion agency. As a result, Synendos has received key early stage financial and operational support in the early development of the company.
“Raising institutional financing is always challenging but doing so in the middle of a global pandemic is truly an extraordinary achievement,” said Stephan Emmerth, Director Therapeutic Innovation and BaseLaunch. “So, a big congratulation to the team of Synendos on this important step towards developing game changing treatments for patients suffering from neuropsychiatric disorders.” BaseLaunch members have received investment of over 180 million francs overall.
The financing round was led by Kurma Partners and Sunstone Life Science Ventures. Other investors included Bernina Bio Invest, Schroder Adveq, High-Tech Gründerfonds, Lichtsteiner Foundation, Essential Investments, Zürcher Kantonalbank and private investors. Their investment will allow Synendos to complete pre-clinical development and progress lead candidate through proof of concept clinical study. Representatives from Kurma, Sunstone and Benina Bio Invest will also be joining the Synendos Board of Directors.
Synendos Therapeutics is based in the Switzerland Innovation Park Basel Area in Allschwil.