KaNDy is focused on optimizing the potential of NT-814 as a non-hormonal treatment for common, chronic debilitating female sex-hormone associated conditions.
The funding came from new US investor Longitude Capital, and existing life sciences investors Advent Life Sciences, Fountain Healthcare Partners, OrbiMed and Forbion Capital Partners.
KaNDy Therapeutics will use the proceeds to advance NT-814, its non-hormonal drug candidate, into a phase 2b dose-ranging study. NT-814 is being developed for the treatment of various symptoms of menopause.
Its phase 2b trial will begin enrolling patients in the fourth quarter of 2018 with topline results expected to come out towards the end of 2019.
KaNDy Therapeutics CEO Mary Kerr said: “We are delighted by the level of enthusiasm and financial support we have received from our investors and would like to welcome Longitude Capital into the syndicate and the board of directors.
“Our investors and the KaNDy management team are united by the common belief that NT-814 has the potential to be a transformational treatment for the millions of women worldwide who suffer debilitating symptoms of the menopause.”
Designed to be an orally administered daily once drug, NT-814 is a selective small molecule dual antagonist of the neurokinin-1 and 3 receptors. It is being developed by KaNDy Therapeutics as a potential alternative to hormone replacement therapy.
A recently held phase Ib/IIa proof of concept trial demonstrated that women treated with NT-814 daily once or for two weeks, had a quick and profound reduction in frequency and severity of hot flashes and the number of night time awakenings, which are considered to be two main symptoms of the menopause.
KaNDy Therapeutics’s planned phase 2b study will further assess the safety and efficacy of the non-hormonal drug candidate in women with bothersome post-menopausal symptoms. The trial will also have an objective to define the optimum dose to take forward into a future phase 3.
Longitude Capital managing director Josh Richardson said: “We have been impressed with the data announced thus far, by KaNDy’s business strategy and the strong and experienced management team.
“We believe NT-814 has the potential to greatly improve the quality of life of millions of women worldwide and we look forward to supporting the Company as it continues to progress this potentially transformational candidate through the clinic towards commercialization.”