Arvelle Therapeutics, an emerging biopharmaceutical company focused on bringing innovative treatments to patients suffering from CNS disorders, is pleased to announce that the Company has closed the final tranche of its Series A financing round.
The final tranche was triggered by the European Medicines Agency’s (EMA) recent acceptance of the marketing authorization application (MAA) for cenobamate for the adjunctive treatment of focal-onset seizures in adults with epilepsy, announced on 26 March 2020.
The final tranche of $42.7m, representing 32% of the initial total Series A commitment of $133.3m, along with $74.5m in previously funded product financing, brings the total capital raised to $207.8m. Series A investors include NovaQuest Capital Management, BRV Capital Management, LSP, H.I.G. BioHealth Partners, Andera Partners, F-Prime Capital, KB Investments and members of management.
Arvelle will use the proceeds of the fundraising to continue to expand its operations across Europe, including key country-by-country hires in preparation of the European launch of cenobamate. Cenobamate is approved in the U.S. where it is commercially available under the trademark XCOPRI.
Mark Altmeyer, President and CEO of Arvelle Therapeutics, said: “We are pleased to announce the closing of the final tranche of our Series A today We have made great progress at Arvelle since our initial funding and are continuing to build out the team to ensure we are fully prepared to launch cenobamate across Europe following approval .
The backing of such esteemed, international investors points to the potential of cenobamate as an adjunctive treatment of focal-onset seizures in adults with epilepsy and I would like to take this opportunity to thank all of our investors for their continued support.”
Olivier Litzka at Andera Partners said: “The world-class team at Arvelle have made great strides since the company’s inception and we are pleased to support such an innovative organisation as it matures towards becoming a commercial business, with an approved product on the market in Europe.”
Matthew Bullard at NovaQuest said: “We believe cenobamate has potential as a new therapeutic option for patients who continue to have seizures despite the use of available treatments. We look forward to supporting the Company and seeing the impact cenobamate could have on patients living with this debilitating condition.”