Pharmalink raises funds to advance Nefecon development to treat kidney disease

The funds were raised in a mezzanine financing round from all its existing investors, including Nordic investors Investinor and Industrifonden.

Pharmalink will use the money to prepare a phase 3 clinical development program for Nefecon to treat primary IgA nephropathy, an inflammatory kidney disease.

The company met primary efficacy endpoint at a proposed interim analysis in a randomized Phase 2b trial of Nefecon in 150 patients.

Final results from the completed trial are anticipated in the fourth quarter of this year.

Pharmalink managing director Johan Häggblad said: "These new funds will enable Pharmalink to expand to become ‘Phase 3 ready’ in 2016 ahead of an IPO and thereby make important progress with the development of Nefecon towards the market.

"The positive results we have seen in the NEFIGAN trial are extremely promising, and the response from kidney disease specialists to these data has underlined the potential we see for Nefecon to become a valuable new treatment option for patients with IgA nephropathy at risk of progressing to renal failure."

Pharmalink is planning to carry out an initial public offering in 2016 to fund the clinical development of Nefecon for market approval and commercialize it in important territories.