Trinity spin-out Azadyne, which is developing a new approach to the treatment of autoimmune diseases, announced that it has raised £1.5million (€1.75 million) in its most recent funding round.
Azadyne’s novel approach to treating autoimmune disease focuses on an unexplored pathway in the body and is based on research conducted at Trinity by Associate Professor in Biochemistry Vincent Kelly, Professor of Synthetic Chemistry Stephen Connon and Assistant Professor in Chemistry John Michael Southern.
The latest investment will support the company as it progresses its innovative approach to autoimmune disease, with the first compounds expected to enter first-in-human trials in the short to medium term. The financing round was led by NCL Technology Ventures, with the balance coming from new private investors.
Azadyne’s proprietary and innovative approach to autoimmune disease via the tRNA guanine transglycosylase (TGT) enzyme pathway has shown striking efficacy in pre-clinical studies against a range of autoimmune diseases yet does not compromise the body’s immune system. The company is currently completing pre-clinical work on its lead molecule.
Dr Jason Rutt, Chief Executive Officer at Azadyne said:
Our approach to autoimmune disease has the capacity to provide treatment to a number of diseases with no cure, including MS. We are grateful to have the support of NCL moving into the next exciting round of the company’s development, as we seek to remedy this urgent unmet medical need.
The research conducted in Trinity was supported by Enterprise Ireland/ERDF, The Health Research Board and Science Foundation Ireland. Azadyne was advised and assisted throughout by Trinity’s Technology Transfer Office.
Dr Declan Weldon, Deputy Director Trinity Research and Innovation, Trinity commented:
We are very pleased that NCL have recognised the potential of Azadyne by investing at this early and critical stage. With this investment we see the results of all our efforts to build and support a team capable of developing great science into a business. We look forward to working with NCL and Azadyne into the future.
Jonathan Synett, CIO of NCL added:
Azadyne’s approach to auto-immune disease is unique, and has the potential to be a game changer, in a huge area of unmet need. We are delighted to be supporting the company at this exciting time, whilst sowing the seeds for a long-term relationship with Trinity College Dublin.