Forendo Pharma adds $5.6M from Sunstone
Forendo Pharma, a Turku, Finland-based clinical stage drug development company focusing on novel treatments in women’s health, announced a €5 million ($5.6M) investment round.
The funding was backed by the Danish from Sunstone Life Science Ventures, which will join the existing international investor syndicate comprising Novo Seeds, Karolinska Development, Innovestor, Novartis Venture Fund, M Ventures and Vesalius Biocapital III.
Claus Andersson, General Partner from Sunstone, joins Forendo Pharma’s Board of Directors.
The new financing will enable Forendo Pharma to progress its lead endometriosis program, FOR-6219, an oral small molecule HSD17B1 enzyme inhibitor, into the next phase of clinical studies after the successful completion of its Phase 1a study earlier this year.
Forendo Pharma, led by CEO Risto Lammintausta, has developed a potential new treatment for endometriosis based on inhibition of the HSD17B1 enzyme, a novel drug target for tissue specific regulation of hormone activity. Endometriosis is a chronic condition that affects up to 10% of women in reproductive age and causes repeated pain symptoms, infertility and impaired quality of life. Currently available treatments for endometriosis have limitations in efficacy or cause harmful side effects.
The most important expected differentiator of FOR-6219 compared to currently available treatments is its selective activity and the ability to act locally in the target tissues, without impacting systemic hormone levels. This selective activity allows a safe and well tolerated, long term treatment opportunity for endometriosis. FOR-6219 is currently in Phase I clinical development.
Prior to this transaction, Forendo Pharma raised $21.4M in venture money.