Gimv co-leads EUR 43.5 million financing of Breath Therapeutics with Sofinnova Partners.
Breath Therapeutics BV today announced the closing of a series A financing round. Thereby the company secured funding of EUR 43.5 million. The round was co-led by Gimv and Sofinnova Partners, which were joined by Gilde Healthcare. PARI Pharma financially supports the program. This financing, which is one of the larger rounds for a European start-up over the past years, will enable Breath Therapeutics to conduct the phase III trials in Europe and the US, to submit for marketing approval and prepare for commercialization.
Breath Therapeutics is a spin-out from Munich-based PARI Pharma GmbH (www.pari.com), specializing in advanced and first-in-class inhalation therapies for severe respiratory diseases. Breath Therapeutics is using proprietary drug formulations optimized for inhaled administration with exclusively licensed, high performance nebulizers. Its lead program develops a first-in-class inhalation therapy against Bronchiolitis Obliterans Syndrome (BOS). BOS is a lethal orphan respiratory disease, affecting 65% of all lung transplant patients. It is the main raison for the poor 5-year-survival rates after lung transplantation. The company’s founding team has strong expertise in clinical development, registration and commercialization of drug-aerosol therapeutics.
Karl Nägler, Partner in Gimv’s Health & Care team on this transaction: “We have followed this opportunity for more than a year and worked closely with the Breath-team to orchestrate this spin-out. This carve-out is therefore a nice example of a mid-sized company inviting external expertise and financial resources to bring to maturity an in-house innovation.”