FRANCE – Coave Therapeutics, a clinical-stage biotechnology company, has received funding worth US$39m from eureKARE , a pioneering new company focused on financing and building next generation biotechnology companies, during a series B round.
The financing was led by Seroba Life Sciences, supported by new investors Théa Open Innovation and eureKARE alongside existing shareholders Fund+, Omnes Capital, V-Bio Ventures, Kurma Partners, Idinvest, GO Capital, and Sham Innovation Santé/Turenne.
Coave Therapeutics will use the proceeds from this fundraising to support the execution of its corporate strategy that involves the advancements of a number of its clinical related study programs.
The company formerly known as Horama, launched in 2015 with a core technology dubbed, the AAV Ligand Conjugate, or ALIGATER platform.
Coave Therapeutics’ platform is designed to enhance the delivery and efficiency of AAV vectors by binding AAVs to ligands, similar to the way scientists would link an antibody to a payload to form an antibody-drug conjugate.
Under their technology model, the company has focused on developing therapies for ocular diseases as well as central nerves system (CNS) diseases.
Based on a report by Grand View Research, the global ocular drugs market size is expected to reach US$ 60.3 billion by 2028 whereas that of CNS related disease is projected to achieve a cap value worth US$180.3B according to Visiongain Research.
Diseases under Coave’s portfolio
Inherited retinal dystrophies (IRD): is a diverse group of progressive blinding genetic diseases that can present from birth through to late middle age. Symptoms include loss of night vision, visual field, color, and central acuity.
Stargardt disease: an inherited disorder of the retina — the tissue at the back of the eye that senses light. The disease typically causes vision loss during childhood or adolescence, although in some forms, vision loss may not be noticed until later in adulthood.
Parkinson’s disease: a brain disorder that leads to shaking, stiffness, and difficulty with walking, balance, and coordination. Symptoms usually begin gradually and get worse over time. As the disease progresses, people may have difficulty walking and talking.
Gaucher disease: an inherited autosomal recessive lysosomal storage disease that is diagnosed in patients with both reduced activity of acid β-glucosidase and mutations in the GBA1 gene.
Current potential therapies under Coave’s drug pipeline
The company under it AAV based gene therapy has managed to scope its focus on ocular related complications and CNS diseases.
CTx-PDE6b is among the AAV based gene therapy expected to treat PDE6b RP, an inherited retinal dystrophy that leads to blindness by midlife characterized by the progressive loss of photoreceptors and is currently in Phase I/II clinical trials.
CTx-GBA1, set to treat parkinson’s and neuronopathic Gaucher diseases, utilizes a coAAV vector to deliver a gene sequence encoding functional GCase enzyme.
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