Desentum closed a €4M new investment round via Springvest.
Desentum, an Espoo, Finland-based biopharmaceutical company specialized in developing novel types of allergen immunotherapy products, announced the completuon of a €4M ($4.4M) capital investment round.
The funding round was arranged via Springvest Oy, initiated in September 2019 and which was fully subscribed, which translates to approximately 4 million euros of collected capital. Desentum plans on using the majority of the proceeds for funding early-stage clinical trials. The remaining funds will be used for the research and development of new hypoallergens as well as for partnering activities to support late-stage clinical trials and market access.
Desentum, founded in 2011 as a spinoff from VTT Technical Research Centre and led by Pekka Mattila, CEO, is a biopharmaceutical company specialized in developing a novel type of allergen immunotherapy based on switching the immune system's response to allergens from hypersensitivity to tolerance by utilizing modified hypoallergens.
Prior to this round, Desentum raised EUR 1.85M from outside investors in 2017.
The company also received an EARTO (European Association of Research and Technology Organisations) Innovation Prize for the work behind the immunotherapeutic products.
In 2018, Desentum was awarded a €1,9M grant from Horizon 2020 SME instrument for the first-in-human clinical trial and business development.