Dublin-based medical start-up secures €15m in funding round
An Irish medical-related start-up has raised €15m from a funding round to develop treatments for chronic inflammatory diseases.
Dublin headquartered Inflazome is working to devise new medicines that stop inflammation.
The company is looking to develop inhibitors of inflammasones, which generate signals in the human body that cause immune cells to fight infections.
While these are usually beneficial, they can cause immune cells to become activated without control, leading to unwanted inflammation.
Inflazome was founded by academics Professor Matt Cooper, of the University of Queensland in Australia, and Professor Luke O'Neill from Trinity College, Dublin.
Joining the founding management team as VP of Business Development is Dr Jeremy Skillington.
Dr Cooper, co-founder and chief executive, said inflammasome activation is now implicated in many diseases driven by chronic inflammation, from Parkinson's to Asthma.
"These conditions are often inadequately treated by current therapies.
"We want to help people with debilitating diseases facing limited or no treatment options."
The firm was also founded by Professor Luke O'Neill, of Trinity College, who doubles as chief scientific officer.
The €15m investment was provided by Novartis Venture Funds and Fountain Healthcare Partners.
Florent Gros, managing director at Novartis Venture Fund, said they had searched extensively for inhibitors of the inflammasome.
"We are very excited by Inflazome's prospects; thte company has outstanding assets, expertise and capabilities."
Following the closure of the financing round, Mr Gros of Novartis Venture Fund, and Dr Manus Rogan, co-founder and managing director at Fountain Healthcare Partners, joined the board of directors.
Fountain Healthcare Partners is a life science-focused venture capital fund with €176m under management.
Within the life science sector, specific areas of interest include specialty pharma, medical devices, biotechnology and diagnostics.