Coave raises $25M ahead of pivotal retinal gene therapy trial

Coave Therapeutics has added €21.2 ($25.0 million) million to its series B round, setting the French biotech up to move a gene therapy against PDE6b inherited retinal dystrophies toward pivotal trials.

In November 2017, Paris-based Coave, formerly known as Horama, took a therapy designed to deliver a nonmutated copy of the PDE6B gene to retinitis pigmentosa patients into a phase 1/2 clinical trial. The following year, led by Christine Placet, who took Trophos to its $470 million acquisition by Roche, Coave raised a series B round to support further development of the lead candidate.

Now, Coave, led by new CEO Rodolphe Clerval, has disclosed a €21.2 million expansion of the series B. Coave said the expansion brings the total raised up to €33.1 million, although in 2018 it put the value of the initial close of the series B round at €22.5 million.

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