Wilson Therapeutics closes $40 million Series B financing

Wilson Therapeutics, a biopharmaceutical company, today announced that it has closed a $40 million Series B financing co-led by new investors, Abingworth LLP and MVM Life Science Partners LLP ("MVM"). The company's founding investor, HealthCap, also participated in the round.

"We are pleased with this significant support from our new as well as existing investors, who represent some of the most experienced in the global life sciences industry," said Jonas Hansson, Chief Executive Officer of Wilson Therapeutics. "Their combined experience and financial backing will enable us to advance WTX101 through clinical development with the aim of making it available and addressing the unmet medical needs in patients with Wilson's disease."

Wilson Therapeutics will use these funds to advance the clinical development of WTX101 (bis-choline tetrathiomolybdate), a novel de-coppering agent being developed as a new treatment for Wilson's disease. Wilson's disease is a rare genetic disorder that prevents the body from regulating copper and can lead to serious liver and brain damage.

"We are excited to be supporting this strong team, including Jonas Hansson and Hugh Rienhoff, who has significant prior experience and success at developing a chelator for an orphan disease indication," said Bali Muralidhar, M.D., Ph.D., Partner at MVM.  "This is an area of significant unmet need and WTX101 offers a highly differentiated new treatment option."

"We believe that the demonstrated and differentiated clinical profile of WTX101, and specifically its potential to avoid the often debilitating side effects of existing therapies, will make this compound the cornerstone of treatment for Wilson's disease in the coming decades," said Genghis Lloyd-Harris, M.D., Ph.D., Partner at Abingworth.

Drs. Lloyd-Harris and Muralidhar will both join the Wilson Therapeutics Board of Directors.

WTX101 is the proprietary bis-choline salt of tetrathiomolybdate (TTM), which has been evaluated for various indications in clinical studies involving over 500 patients.  Through its unique mechanism of action, TTM has been shown to rapidly lower and control copper levels in both Wilson's disease and other patients.  Previous data also suggest that TTM may stabilize neurological function and reduce the risk of neurological deterioration after initiation of treatment in Wilson's disease patients with neurological involvement.  WTX101 has been shown to lower and maintain copper levels with once or twice daily oral dosing.  WTX101 has received orphan drug designation in both the United States and the European Union.