VarmX, a biotech company developing innovative approaches for anticoagulation reversal, has successfully raised €30 million in a Series B2 financing round to advance its lead compound VMX-C001 toward pivotal clinical trials. The round was led by Sound Bioventures, with the European Innovation Council (EIC) Fund joining as a new investor alongside existing investors EQT Life Sciences, Inkef, Lundbeckfonden BioCapital, Ysios Capital, BioGeneration Ventures, InnovationQuarter, and Libertatis Ergo Holding.
Advancing Toward Pivotal Trial
The proceeds from the financing will enable VarmX to obtain investigational new drug (IND) approval for VMX-C001 and complete preparations for the pivotal clinical trial, including large-scale manufacturing. The company has completed enrollment of VMX-C001's first-in-human (FIH) study, designed to demonstrate safety and provide clinical proof of concept of the compound.
VarmX will present initial data from the first-in-human study at the International Society on Thrombosis and Haemostasis conference in Montreal from June 24-28, 2023, with full study results expected later this year.
Addressing Critical Medical Need
VMX-C001 is a modified recombinant human blood clotting factor X that enables blood to clot normally in the presence of factor Xa blood clotting inhibitors. The compound is being developed to facilitate fast, safe, and effective treatment of severe spontaneous bleeds in patients taking Direct Oral Anticoagulant blood thinners (DOACs) and to enable patients on this class of blood thinners to undergo emergency surgery without the risk of bleeding associated with FXa DOACs.
The compound has the potential for a strong and differentiated profile, including universal and single dose reversal, ease-of-use, and safety that supports emergency care use. It also shows promise for applications in other indications.
Growing Market Opportunity
Dr. Jan Öhrström, CEO of VarmX, highlighted the increasing clinical need: "Factor Xa-DOAC induced bleeding is becoming an increasingly frequent problem as the use of these anticoagulants increases, including due to the future availability of generics, and more users are experiencing bleeding problems. However, the opportunities for effective, safe treatments to prevent spontaneous bleeding, especially during surgery, remain limited."
Casper Breum, Managing Partner at Sound Bioventures, emphasized the market potential: "We believe that VMX-C001 could be a differentiated new option for hundreds of thousands of patients worldwide, which is why we were keen to be part of this Series B2 round. There is limited availability of Factor Xa DOAC reversal agents and we believe VMX-C001 could make a significant difference."
Strategic Investment Support
The funding round brings together a strong syndicate of leading life sciences investors to support VarmX's growth trajectory. The company's approach to anticoagulation reversal addresses a critical gap in emergency medicine, where rapid and effective reversal of anticoagulation can be life-saving in cases of severe bleeding or emergency surgery.
