Inside information: Herantis Pharma receives research funding from The Michael J. Fox Foundation, US and the Parkinson's Virtual Biotech, UK
Herantis Pharma Plc, Company Release 1 July 2024 at 12:00 a.m. EEST
Inside information: Herantis Pharma receives research funding from The Michael J. Fox Foundation, US and the Parkinson's Virtual Biotech, UK
The research funding of EUR 3.6 million will finance Herantis’ Phase 1b clinical trial and expand the on-going biomarker project.
Herantis Pharma Plc (“Herantis”), a clinical-stage biotechnology company developing disease modifying therapies for Parkinson’s disease, is pleased to announce that The Michael J. Fox Foundation for Parkinson’s Research (MJFF) and The Parkinson’s Virtual Biotech will together finance Herantis’ Phase 1b clinical trial of HER-096 in Parkinson’s disease and the on-going biomarker project with research funding of EUR 3.6 million.
The Phase 1b clinical trial aims to show that repeated subcutaneous doses of HER-096 are safe and well-tolerated in Parkinson’s patients, provide pharmacokinetics profile for planning HER-096 dosing in Phase 2, and collect exploratory biomarker data for future clinical trials.
The research funding will be paid in cash to Herantis over a two-year period, in three tranches, upon completion of agreed milestones. Repayment of the research funding will be triggered only if Herantis enters into a licensing or sub-licensing agreement or, if HER-096 generates product sales. Subject to the commercial success of HER-096, no more than 10% of the cash or non-cash consideration Herantis receives will be repaid to MJFF and Parkinson’s Virtual Biotech up until the maximum of four times the research funding received.
Antti Vuolanto, CEO of Herantis, commented: “We are proud to be awarded funding for the HER-096 Phase 1b clinical trial from Parkinson’s Virtual Biotech and The Michael J. Fox Foundation, two prestigious organizations in this field. This external validation of Herantis’ science recognizes the potential of HER-096 as a promising drug candidate for treatment of Parkinson’s disease.”
“MJFF is proud to support a wide range of treatment approaches across the globe,” said Katharina Klapper, director of clinical research, MJFF. “We are constantly seeking to support new disease-modifying therapies for people with Parkinson’s and we look forward to seeing the outcomes of this clinical trial.”
Dr Arthur Roach, Director of Parkinson’s Virtual Biotech, said: “Disease-modifying treatments that can meaningfully slow the progression of Parkinson’s are a desperate unmet need for the millions living with this devastating condition across the world. We’re delighted to be working with Herantis Pharma to fund an early-stage trial of this pioneering new therapy as part of the Parkinson’s Virtual Biotech programme led by Parkinson’s UK.”
About The Michael J. Fox Foundation for Parkinson’s Research (MJFF), US see https://www.michaeljfox.org/
About Parkinson’s UK and the Parkinson's Virtual Biotech:
As Europe's largest charitable funder of Parkinson's research, Parkinson’s UK invests in drug discovery and clinical trials to accelerate life-changing new treatments for people with the condition. In 2017, the charity founded the Parkinson’s Virtual Biotech, which is now an international programme in partnership with the Parkinson’s Foundation. The Parkinson’s Virtual Biotech works flexibly, creatively and collaboratively with co-investors, institutions and companies worldwide who share our vision to drive forward drug development and clinical trials. Collaborative and agile, the Parkinson’s Virtual Biotech adapts successful methods from the business world to deliver new treatments faster. They have already invested over £25 million in projects from early-stage research to world-first phase 2 clinical trials of groundbreaking new treatments.
To find out more about Parkinson’s UK and the Parkinson’s Virtual Biotech, visit www.parkinsons.org.uk/research/parkinsons-virtual-biotech
For more information, please contact:
Tone Kvåle, CFO
Tel: +47 915 19576
Email: ir@herantis.com
Certified Advisor:
UB Corporate Finance Oy, Finland: +358 9 25 380 225
ubcf@unitedbankers.fi
About Herantis Pharma Plc
Herantis Pharma Plc is a clinical-stage biotechnology company developing disease modifying therapies for Parkinson’s disease. Herantis’ lead product HER-096, is an advanced small synthetic chemical peptidomimetic molecule developed based on the active site of the CDNF protein. It combines the compelling mechanism of action of CDNF with the convenience of subcutaneous administration. The Phase 1a clinical trial demonstrated a good safety and tolerability profile, and efficient blood-brain barrier penetration of subcutaneously administered HER-096 in humans. The shares of Herantis are listed on the Nasdaq First North Growth Market Finland.
Company website: www.herantis.com