Clene Nanomedicine, which is engaged in developing nanocatalysts for the treatment of bioenergetic failure associated with neurodegenerative diseases, has raised $42.5 million in a Series D equity financing round.
The Utah-based clinical-stage biopharma company plans to use the proceeds to advance its pipeline of products, in particular its lead nanocatalyst CNM-Au8.
According to Clene Nanomedicine, CNM-Au8 is being developed as an orally administered therapy for the neurorepair of various neurodegenerative diseases such as multiple sclerosis, amyotrophic lateral sclerosis (ALS), and Parkinson’s disease. Currently, CNM-Au8 is in a phase 3 clinical trial and also in four phase 2 trials.
The biopharma company said that it had closely worked with investment banking firm Crewe Capital on the Series D capital raise.
Mike Bennett – CEO and Managing Partner of Crewe Capital said: “Clene’s noble mission coupled with a laser focus on delivering impressive results and consistently achieving milestone objectives, while partnering with the most credible third-party researchers and institutions around the world makes for a really exciting opportunity.”
As per Clene Nanomedicine, nanocatalysts are a new class of neuro-therapeutics, which could work in various cell types to boost multiple bioenergetic processes that can effectively treat many different diseases. The company’s Clean-Surfaced Nanocrystal (CSN) therapeutics are said to be produced by using an electro-crystal-chemistry process that results in highly faceted clean surfaced nanocrystals of pure transition elements such as gold, silver, zinc, platinum, and also alloy combinations.
Rob Etherington – President and CEO of Clene Nanomedicine said: “Hugh Hannesson, Marlo Oaks, and the Crewe Capital team brought two key benefits to us. First, having an understanding of the mechanics of our business and underlying science, and second, bringing broad relationships and reach with sophisticated investors seeking opportunities to participate in the emergence of innovative therapeutics that address the most critical and challenging health issues.
“Crewe also made the process efficient and enabled the company to stay focused on advancing the business, which was an invaluable benefit.”