GeNeuro, a Geneva-based biopharmaceutical company, has successfully raised €5M through a combination of a private placement and a public offering. This funding will accelerate the company’s Phase 2 trial in Post-COVID treatment, marking a significant step forward in addressing the long-term effects of COVID-19.
The private placement saw the issuance of 4,666,901 new ordinary bearer shares to specialized or strategic investors, bypassing preferential subscription rights. Additionally, GeNeuro opened its doors to retail investors in France via the PrimaryBid platform, issuing 95,004 new ordinary bearer shares. This strategic move aims to complete the ongoing Phase 2 trial for Post-COVID conditions, with patient recruitment finalized last November and results anticipated by June 2024.
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Pioneering Personalized Therapeutic Approaches
GeNeuro’s CEO, Jesús MartinGarcia, highlighted the company’s innovative approach to Post-COVID treatment, focusing on patients positive for the pathogenic W-ENV protein. This personalized therapeutic strategy could revolutionize treatment for a significant portion of long-COVID patients, offering hope for a disease-modifying therapy.
Investment Details and Future Plans
The newly issued shares were offered at a discounted price of €1.05 each, representing a 16.7% discount on the closing market price on Euronext Paris as of January 31, 2024. Notably, GNEH SAS, a subsidiary of Institut Mérieux and Servier, both existing shareholders, participated significantly in this round. The funds raised, combined with GeNeuro’s existing cash reserves, are earmarked for completing the Phase 2 trial in Post-COVID and extending the company’s financial runway into early Q3 2024.
GeNeuro’s Mission Against Neurodegenerative and Autoimmune Diseases
GeNeuro is dedicated to developing treatments that halt the progression of disability caused by autoimmune diseases, starting with Multiple Sclerosis (MS) and Amyotrophic Lateral Sclerosis (ALS). Leveraging insights into human endogenous retroviruses (HERVs), GeNeuro’s research focuses on temelimab, a monoclonal antibody targeting the HERV-W Env protein implicated in MS and other neurological conditions.
A Step Forward in Addressing Long-COVID Syndromes
GeNeuro’s ongoing Phase 2 clinical trial aims to offer a potential therapeutic solution for neuropsychiatric syndromes associated with Long-COVID, using biomarkers to evaluate temelimab’s effectiveness. This trial represents a pioneering effort to address a pressing public health issue, with results eagerly awaited in Q2 2024.
With this latest funding round, GeNeuro is poised to make significant advancements in the treatment of Post-COVID conditions and other autoimmune diseases, contributing to the global effort to mitigate the long-term impacts of the COVID-19 pandemic.
