Evotec, Eternygen to develop novel metabolic disease therapy
Evotec will extend its existing relationship with Eternygen by becoming an investor in addition to being a preclinical drug discovery partner. Within a consortium of investors including VC Fonds Technologie Berlin, managed by IBB Beteiligungsgesellschaft mbH, and two renowned family offices, Epidarex and Evotec together will participate in Eternygen's latest funding round of EUR 8 million (approx. $8.3 million).
Eternygen, a privately owned metabolic diseases company based in Berlin, Germany, is focused on the sodium coupled citrate transporter (NaCT), a novel target which is also known as INDY (I am Not Dead Yet). INDY is a key regulator of energy metabolism that may be involved in the pathogenesis of nonalcoholic fatty liver disease (NAFLD), nonalcoholic steatohepatitis (NASH), diabetes and obesity. Eternygen will use the proceeds of the Series A funding to accelerate its small molecule NaCT inhibitors toward the selection of a preclinical lead candidate. Eternygen will rely on Evotec's best-in-class drug discovery platform and metabolic disease expertise to conduct all work to the selection of preclinical development candidate and possibly beyond.
Dr. Cord Dohrmann, chief scientific officer of Evotec, commented, "We are very excited to take part in the growth and ownership of a company which together with Evotec has assembled world-leading expertise and tools around a very promising mechanism in metabolic diseases. Combining academic excellence with a highly focused management team and a proven platform is a highly effective model for Evotec to bring forward projects with first-in-class potential. Eternygen perfectly fits into this mold."
Marco Janezic, CEO Eternygen, said, "The successful completion of our series A round with a syndicate of renowned investors is great recognition for the achievements at Eternygen. Epidarex and Evotec have significant expertise turning novel targets into successful drug development projects and to commercialize such programs. We are convinced that the world-class metabolic drug development expertise these investors bring to the table will greatly accelerate and enhance our company."
Kyp Sirinakis, managing partner at Epidarex Capital, added, "Epidarex is pleased to be backing such a strong group of scientific and commercialization partners to advance this promising technology and ultimately improve human health worldwide."
No further financial details are disclosed.