Paris. April 9, 2013 – InnoBio, a biotech fund managed by CDC Entreprises, which is part of the soon to be created BPIFrance1, and Sofinnova Partners, a leading venture capital firm in Europe specialised in life sciences, announce a joint investment in MedDay for a total amount of 8 million euros.
Created in 2011 by Dr Frédéric Sedel and Dr Guillaume Brion, MedDay is specialised in the treatment of neuro-metabolic diseases. This investment will finance the development of three compounds all the way through to 2016, including the phase IIb/III studies for a progressive multiple sclerosis treatment stemming from the Assistance Publique des Hôpitaux de Paris. It will also finance the development of an R&D platform in partnership with the Metabolomics Team at the Institute for Biology and Technology, Commissariat à l’énergie atomique (CEA, Saclay). MedDay’s technology platform relies on the work of Dr Frédéric Sedel, a neuroscientist at La Pitié Salpêtrière Hospital (Paris), who has been carrying out pioneering research in neurology to identify rare hereditary metabolic diseases in adults for more than a decade. Dr Frédéric Sedel’s research has led to the identification of new treatments and diagnostic tools for diseases in a field where few treatments, if any, are available. These discoveries are expected to be applicable more broadly in the area of neuropsychiatric diseases. The company is currently incubated at l’Institut du Cerveau et de la Moelle épinière in Paris (ICM).
Rafaèle Tordjman, Managing Partner at Sofinnova Partners says: “We are thrilled to contribute to MedDay’s development and help further Dr Frédéric Sedel’s research. His metabolic approach to neurologic diseases is radically new and will allow for the development of ground breaking solutions in a field which still suffers from significant unmet need”.
Chahra Louafi, Investment Director at CDC Entreprises says: “We are convinced that MedDay will confirm the fantastic growth potential we can already foresee through the promising initial results observed in patients”.
Dr Frédéric Sedel and Dr Guillaume Brion, co-founders of MedDay, add: “We are delighted to welcome Sofinnova Partners and InnoBio as shareholders. Their experience and commitment will allow us to further the development of our technology platform and products”.
MedDay’s fundraising will finance the phase IIb/III clinical trial of a treatment for progressive multiple sclerosis, MD 1003. Two other proprietary compounds will also benefit from this investment: MD 1103 targeting a subgroup of resistant psychoses and MD 1105 targeting Alzheimer’s disease. The first two compounds have already proven their efficacy and tolerability in small patient groups. By choosing MedDay, CDC Entreprises illustrates InnoBio’s strategy, which consists of supporting innovation within promising start ups and fostering the development of their products in fast growing and new markets. With MedDay, Sofinnova Partners deploys a key component of its investment strategy which focuses on funding entrepreneurs who are developing disruptive technologies or products in the biopharmaceutical, medical devices and industrial biotechnology fields.
*Together with Oseo and FSI, CDC Entreprises and its FSI Régions subsidiary, will form PBIFrance after completion of legal and administrative procedures.
Sofinnova Partners: Rafaèle TORDJMAN
CDC Entreprise: Chahra LOUAFI
Legal for MedDay: Cabinet Lartigue-Tournois-Associés (Véronique Lartigue and Nicolas Senesi)
Legal for Investors : Cabinet Morgan Lewis (Karen Noël) – CDC Entreprises (Julien Holeindre)
Intellectual Propriety for new investors: Becker & Associés (Philippe Becker), Luc Barny
Sofinnova Partners: Anne REIN – Tél : +33 6 03 35 92 05 – firstname.lastname@example.org
CDC Entreprises: Nathalie POLICE – Tél : +33 1 58 50 73 02 – email@example.com
About Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris, France. For 40 years, the firm has backed nearly 500 companies at different stages of their development – pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe’s key entrepreneurs in the Life Sciences industry. With €1.3 billion of funds under management, Sofinnova Partners has created market leaders with its experienced team and hands-on approach in building portfolio companies through to exit.
About CDC Entreprises and InnoBio Fund
CDC Enterprises, a portfolio management company authorised by the French financial markets authority (AMF), is controlled by the Caisse des Dépôts. It is responsible for the management of FSI France Investment, the state program for equity funding in growing SMEs, and of missions of general interest of the Caisse des Dépôts group in the field of SME equity investments. As such, CDC Enterprises manages the investments of the Caisse des Dépôts and of the FSI which is its main subscriber. It is also entrusted with capital through private or state partners, both institutional investors and corporate investors. CDC Enterprises manages on behalf of the French state the Fonds National d’Amorçage (National Seed Fund), the SME section of the Fonds national pour la Société Numérique (National Fund for Digital Society) and the Fonds Ecotechnologies (Ecotechnologies fund), under the Programme d’Investissement d’Avenir (Future Investment Program).
InnoBio is a French venture capital fund of EUR 139 million, managed by CDC Enterprises and for 37 per cent subscribed by the FSI and leading international pharmaceutical companies established in France such as sanofi-aventis, GSK, Roche, Novartis, Pfizer, Lily, Ipsen, Takeda and Boehringer Ingelheim. The main objective of the fund is to make direct equity and quasi-equity investments in companies that provide innovative technology products and services in the healthcare market.
MedDay is a French biotech company in the treatment of neuro-metabolic diseases. Founded in 2011 by Frédéric Sedel and Guillaume Brion, MedDay relies on the work of Dr Frédéric Sedel, a neuroscientist at La Pitié Salpêtrière Hospital (Paris), who has been carrying out pioneering research in neurology to identify rare hereditary metabolic diseases in adults for more than a decade. Dr Frédéric Sedel’s research has led to the identification of new treatments and diagnostic tools for diseases in a field where few treatments, if any, are available. The company is currently incubated at l’Institut du Cerveau et de la Moelle épinière in Paris (ICM).