Stokholm, Sweden-based Karolinska Development announced that its portfolio company Umecrine Cognition has closed a financing round raising SEK 20 million. The purpose of the financing round is to fund an explorative phase 2a-study of the company’s drug candidate GR3027 for the additional indication area of idiopathic hypersomnia. GR3027 is also developed as a potential new treatment for hepatic encephalopathy and has recently shown good results in a phase 1b-trial.
GR3027 is a GABAA – receptor modulating steroid antagonist that is expected to be able to affect the biological process which has been reported to contribute to the symptoms of patients with idiopathic hypersomnia. The results of a recently finished phase 1b-study show that GR3027 is tolerated well, does not cause any dosage limited side effects, and has a favorable pharmacokinetic profile.
“We welcome Umecrine Cognition’s decision to expand the development of GR3027 to an additional indication area where alternative therapies are needed. This will increase the commercial potential and at the same time decrease the risk with the project,” says Viktor Drvota, CEO of Karolinska Development, in a release.
Karolinska Development AB, Fort Knox Förvaring AB, Stiftelsen Norrlandsfonden, and the company’s founder Torbjörn Bäckström participated in the financing round.