DURHAM – A new clinical-stage biotechnology company formed by Triangle-based Pappas Capital will be led by a partner at Pappas Ventures and will receive funding from Pappas Capital as well as Novo Holdings.
The firm, Allievex Corporation, is based in Marblehead, Mass. Its stated goal is to develop “Novel Therapies for the Treatment of Rare Pediatric Neurodegenerative Diseases.”
“Our mission at Allievex is to develop novel therapies for children with rare pediatric neurodegenerative diseases, and we are pleased to begin executing on this mission with tralesinidase alfa,” said Thomas Mathers, who is founder and Chief Executive Officer at Allievex. He also is a Partner at Pappas Ventures. “I am excited to leverage the expertise of the Allievex team and Board as we grow our business and product pipeline of promising treatments for neurodegenerative diseases.”
Thomas Mathers (Allievex photo)
Allievex has closed on a Series A round of funding, Pappas Capital announced Wednesday. Kyle Rasbach, managing partner at Pappas Ventures, and Tiba Aynechi, Partner at Novo Holdings, will join the new firm’s board.
The amount of the funding was not disclosed.
The initial target for development is an enzyme replacement therapy targeting Sanfilippo syndrome type B MPS IIIB or Mucopolysaccharidosis type IIIB (MPS IIIB). It is an genetic disorder that makes the body unable to break down large sugar molecules called glycosaminoglycans, according to the National Institutes of Health.
Allievex has acquired an exclusive license from BioMarin for the therapy, which is still under development with four studies underway.
“Pappas’s strategy is to build innovative life sciences companies and Allievex is an exceptional example of our strategy at play,” Rasbach said in a statement.
“Allievex has successfully closed its first investment round and Tom has assembled an experienced team of biotech veterans with deep knowledge of the drug development process and a track record of bringing innovative therapies to market. We believe Allievex has tremendous potential to transform the lives of children with rare diseases and look forward to helping drive significant value for the business over the long-term.”
