Forendo closes EUR 12M series A

Forendo Pharma Oy (Turku, Finland) closed a EUR 12 million ($15.3 million) series A round led by new investors Novartis Venture Fund and MS Ventures. Existing investors including Karolinska Development AB; Novo Seeds; and Finnvera also participated.

Forendo said it will use the funds to advance lead candidate FP-5677, a hydroxysteroid 17-beta dehydrogenase 1 ( HSD17B1) inhibitor, through proof-of-concept testing to treat endometriosis. The company acquired a portfolio of HSD17B1 inhibitors last year from the Hormos Medical subsidiary of QuatRx Pharmaceuticals Co. (Ann Arbor, Mich.). ...