The Venture Codex

Participated · Equity · Nov 2016

Asarina Pharma AB is a Swedish biotech developing Sepranolone and a family of GAMSA (GABAA Modulating Steroid Antagonists) compounds for allopregnanolone-related stress, menstrual and neurological disorders. The company's pipeline is built on over 40 years of research into allopregnanolone-related neurological disorders. Management plans to further explore Sepranolone's potential within neurological diseases, including obsessive-compulsive disorder (OCD). To supplement current financial resources, Asarina obtained a 5.3 MSEK convertible loan from key shareholder Östersjöstiftelsen (ÖSS). The loan carries 10% p.a. interest, matures on 30 June 2023, and may be converted by ÖSS at the volume-weighted average share price during the 10 trading days prior to conversion. The proceeds are earmarked for ongoing and upcoming R&D into neurological indications. The company communicated the funding and its intended use from Stockholm. Asarina Pharma is a Stockholm, Sweden-based drug development company led by CEO Peter Nordkild. The company is developing Sepranolone (UC1010) aimed at treating premenstrual dysphoric disorder and other menstrually related conditions. Sepranolone showed promising results in an exploratory Phase I/II clinical study. Asarina intends to use new funding to continue clinical development and to prepare a Phase IIb clinical trial. The planned Phase IIb trial is to be conducted in the US and a number of European countries, including Sweden. The company recently completed a financing event to support these development plans. Umecrine Mood develops novel products to treat the mental and physical symptoms associated with PMDD and severe PMS caused by an endogenous CNS‑active steroid derived from the corpus luteum. The company is advancing a novel therapy intended to address severe premenstrual symptoms. It has closed an equity financing from Kurma Biofund; the amount was not disclosed. The financing is intended to fund continued clinical development, enabling the company to pursue Phase I and II studies. Following the transaction, existing investor Karolinska Development holds a 39% stake in Umecrine Mood. The company is based in Solna, Sweden. The company also updated its board, signaling governance changes concurrent with the financing.