Facio successfully completes first equity round with close to €2.5M in total proceeds
Facio Therapies has obtained close to €500,000 in equity funding from the FSHD Global Research Foundation as well as private investors from both within and outside the FSHD community. These funds are in addition to the €2 million equity financing raised in 2014.
Facio will use the financing proceeds to identify compounds that show potential to stop the progression of FSHD. These compounds are so-called small molecules, relatively simple compounds that are manufactured by chemical synthesis. In close collaboration with Evotec, Facio will conduct an automated high-throughput screen to identify small molecules with a positive effect on SMCHD1 and DUX4 activity in human FSHD-affected muscle cell lines. The compounds that show promising activity in this screen are expected to be available in the first half of 2016. These compounds will require extensive further testing to produce compounds that are suitable for the development of a therapeutic for the treatment of FSHD.
Natalie Moss, Managing Director of the FSHD Global Research Foundation, said: “We are excited and proud to be part of Facio, and we look forward to supporting and powering the project where possible”. She added: “For a charity to have the opportunity to invest into biotech truly modernizes philanthropy, and enables charities a new avenue to in essence self-invest”.
The €500,000 raise marks the second and final closing of the founding investment round of Facio’s parent, FSHD Unlimited.