High-quality drug R&D is expensive. We rely on external financing to advance our program. In November 2018, we successfully completed an equity financing round with proceeds of €8M (approximately A$12.5M; C$12M; US$9M). FSHD Spain and 30 other members of the FSHD community newly invested alongside existing investors, including Facio’s drug discovery partner, Evotec. We estimate that these proceeds will enable us to continue operations beyond 2019.
Since inception, we have raised over €16 million in equity funding. Uniquely, about 77% of that amount has been invested by members of the FSHD community. Facio’s investor base now spans 14 countries around the world. FSHD Spain became the fifth FSHD foundation to invest in Facio, joining Amis FSH (France), FSHD Canada, FSHD Global Research (Australia), and the FSHD Stichting (Netherlands). All our shareholders contractually agreed to adhere to our mission.
Under the 2018 round, we issued two classes of shares: preference shares to investors who contributed €250,000 or more, and ordinary shares to investors who contributed less than that amount. These are shares in the capital of FSHD Unlimited, the parent company of Facio Therapies (Facio) and of its sister company, Facio Intellectual Property (Facio IP). Facio IP holds all intellectual property rights necessary for Facio to reach its goals, including sole ownership of all results from our collaboration with Evotec. The main difference between these two share classes is that all major decisions of the Board of FSHD Unlimited require prior approval from the preference shareholders. Similarly, all major decisions of the management of Facio and of Facio IP require prior Board approval.