VarmX is a spin-off from Leiden University Medical Center (founded in 2016) developing VMX-C001, a modified recombinant human blood clotting factor X designed to restore normal clotting in the presence of factor Xa inhibitors. The lead program targets treatment of severe spontaneous bleeding in patients on DOACs and prevention of bleeding during urgent surgery. VarmX has completed enrollment of VMX-C001’s first-in-human study to demonstrate safety and provide clinical proof of concept; initial data were scheduled for presentation at the ISTH conference (June 24–28, 2023) with full study results to follow later in the year. The company says VMX-C001 may offer universal, single-dose reversal with ease-of-use and a safety profile suitable for emergency care, and it shows promise for additional indications. Proceeds from the recent financing will be used to obtain IND approval and complete preparations for a pivotal clinical trial, including large-scale manufacturing. VarmX is a pharmaceutical spin-off from Leiden University Medical Center, founded in 2016, developing VMX-C001, a modified recombinant blood factor X based on the venom of the Australian brown snake Pseudonaja textilis. VMX-C001 is being developed to treat severe spontaneous bleeding in patients taking FXa DOACs and to prevent bleeding in patients on FXa DOACs who require emergency surgery. The compound is insensitive to FXa DOACs and is intended to restore the coagulation cascade, with expected clinical advantages including universal dosing regardless of the FXa DOAC used, ease of administration, and absence of pro-thrombotic risk. VarmX plans to use newly awarded funding to upscale and accelerate cost‑effective manufacturing and to progress VMX-C001 into the next phase of its development. The company was awarded up to €17.5 million from the European Innovation Council (EIC) Accelerator, subject to negotiation, and previously raised €32 million in a July 2020 Series B backed by Ysios Capital, INKEF Capital, Lundbeckfonden Ventures, LSP, BioGeneration Ventures and InnovationQuarter. The target patient population includes over 10 million people in the US and Europe treated with FXa DOACs, of whom 2–3% experience spontaneous severe life-threatening bleeding annually, highlighting the clinical need. VarmX is a pharmaceutical spin-off from Leiden University Medical Center (LUMC) founded in 2016 that is developing VMX-C001, a modified recombinant factor X derived from Pseudonaja textilis venom to treat severe bleeding in patients on FXa DOACs. VMX-C001 is designed to be insensitive to FXa DOACs, restore the coagulation cascade, offer universal dosing regardless of the FXa DOAC used, and minimize pro-thrombotic risk. The company is also advancing discovery programs aimed at reversal agents for future anticoagulant classes, particularly those targeting factor XI(a). VarmX holds an exclusive license to the founder Pieter Reitsma’s inventions and has built a management team including CEO Alexander Vos and recently hired Dr. Bo Persson as SVP, CMC Development & Project Management. Planned near-term activities include a first-in-human (FIH) study of VMX-C001, progress toward registrational studies in severe bleeding and emergency surgery indications, and acceleration of manufacturing toward commercial scale. The company is preparing further senior clinical hires, including an experienced Chief Medical Officer, to support clinical development and regulatory strategy. VarmX, based in Leiden, The Netherlands, is developing lead compound PseudoXa to stop or prevent bleeding in patients taking synthetic factor Xa inhibitors. The product is derived from research into the properties of a snake venom and human factor X performed at the Leiden University Medical Center. The company is led by CEO Paul Bilars and CSO Professor Pieter Reitsma. The new financing will enable VarmX to advance PseudoXa into human clinical studies, expand its team and develop the production process. Development work will focus on purification and formulation as well as the pharmacodynamics and pharmacokinetics of the active compound. Financially, the company closed a €7.5m Series A and secured an additional €5.0m Innovation Credit, bringing support to €12.5m to fund these activities. VarmX is a Leiden University Medical Center spin-off focused on therapies in hemostasis and thrombosis. Its lead product, PseudoXa, is a modified factor X therapeutic protein being developed as a reversal agent to stop acute bleeding in patients taking factor Xa inhibitors such as apixaban, edoxaban, and rivaroxaban. The scientific basis for PseudoXa derives from research into properties of a snake venom, per the company’s CSO Pieter Reitsma. The company completed a seed financing round whose proceeds will be used to advance PseudoXa and to set up the manufacturing process. VarmX previously received pre-seed investment from Leiden University and UNIIQ. The company was founded in 2016 by Professor Pieter Reitsma, who serves as CSO.

Total raised

$103M

Funding rounds

6

Latest round

Series B

Latest activity

May 2023