Auris Medical, a Swiss biotechnology company focused on novel therapeutics for the treatment of inner ear disorders, has completed a $50 million Series C financing. Two leading venture capital firms, Sofinnova Ventures of Menlo Park, Calif., and Sofinnova Partners of Paris, participated in the financing.
The funding will enable Auris Medical to advance its two clinical projects, AM-101 for the treatment of acute tinnitus and AM-111 for the treatment of acute inner ear hearing loss, through phase III studies and ultimately to market launch.
In connection with the fund raising, Jim Healy, MD, PhD, general partner at Sofinnova Ventures, and Antoine Papiernik, MBA, managing partner at Sofinnova Partners, joined Auris Medical's board of directors.
"The Series C financing represents an important milestone on our way to bring safe and effective therapies to the many patients suffering world-wide from tinnitus or hearing loss for whom today no proven drug-based treatment options exist,” said Thomas Meyer, founder and managing director of Auris Medical. "Having established proof of concept in phase IIb studies, we are now ready to move forward with our clinical development plans. Thanks to this latest financing round our leadership position in the emerging market for inner ear therapeutics will be further strengthened."
Healy said, "We are impressed with the significant clinical progress that Auris Medical has made towards developing first-in-class therapeutics for two inner ear disorders. We are pleased to bring our expertise and network to back Auris Medical's team and help them build a successful and global business."