Facio raises €2 million
Facio Therapies has secured €2 million (about US$ 2.5 million) in initial financing from founding investors Kees van der Graaf and Bill Moss AM. Facio will use these funds towards its drug development program, which is aimed at stopping the progression of FSHD.
In people with FSHD, the activity of the protein, SMCHD1, is too low. This enables the production of a toxic protein called DUX4. The first step in Facio’s drug development program is a search for new chemical entities (NCEs) that boost the activity of the SMCHD1 protein. NCEs are relatively simple compounds that are manufactured by chemical synthesis. They are available in very large collections that can be screened in a high-throughput, automated process.
The raise of €2 million marks the first closing of the founding investment round of Facio’s parent company, FSHD Unlimited. A second closing is planned to take place in the course of 2015.