AudioCure Pharma GmbH secures funding of about EUR 9 Million for the further development of their lead candidate, AC102, in hearing loss.
- Austrian company MED-EL Elektromedizinische Geräte GmbH (MED-EL), Innsbruck, the technology leader in implantable hearing solutions, joins German investor High-Tech Gruenderfonds (HTGF) and private investors in a Series A financing round.
- Proceeds will be used to advance AudioCure´s proprietary lead candidate, AC102 into clinical development.
- AC102 has the potential to become the first breakthrough causative therapy for acute hearing loss and acute tinnitus.
AudioCure, a pharmaceutical R&D company headquartered in Germany, announces today that it has secured an A-round of about EUR 9 million from MED-EL, HTGF and private investors. MED-EL receives exclusive licensing rights and shares while existing investors increase their shares. AudioCure will use the funding to get its front-runner small molecule AC102 into Phase I clinical trials in auditory disorders including acute hearing loss and acute tinnitus. To date, there are no approved therapeutic options available to patients suffering from these disorders.
MED-EL and AudioCure will cooperate closely in order to develop a preventative therapy for electrode insertion trauma (EIT). Prof. Hans Rommelspacher, founder and CEO of AudioCure, said, “We are very happy with our new and existing partners. The A-round investment will allow us to advance AC102 into clinical development in cooperation with MED-EL. It is our common goal to bring innovative therapeutic solutions to millions of hearing impaired patients with a high unmet medical need as swiftly as possible.”
Preclinical models have shown the unique potential of AC102 to tackle all three crucial types of cells of the inner ear affected by hearing loss: the inner hair cells, the outer hair cells and the acoustic nerve. Dr. Ingeborg Hochmair, CEO of MED-EL, stated, “Having worked in otology for almost four decades, we are excited by the potential of AC102 as an ideal candidate to complement our hearing devices. Joining forces with AudioCure is a logical next step in our mission to fight hearing loss and thereby improving patients´ quality of life.”
Dr. Martin Pfister, Senior Investment Manager at High-Tech Gruenderfonds added,
”The thoroughness of the scientific research paired with the expertise of the management and the skilled team make AudioCure a perfect match to our portfolio.” Dr. Reimar Schlingensiepen, COO of AudioCure, who carved out the deal said, “We are very pleased with the tight-knit cooperation between AudioCure and MED-EL. The combination of our small molecule with MED-EL’s hearing devices may revolutionize the field of implantable hearing solutions in the future.”
Hearing impairment affects patients in many ways, often causing difficulties acquiring spoken language and limiting job opportunities, but also leading to social withdrawal, isolation and depression1. As approximately 20% of the population over the age of 14 suffers from a hearing impairment, more than 14 million people are affected in Germany alone2. Hearing loss also presents a significant economic burden, reflected by an estimated loss in gross domestic product of up to 2% in developed countries.
- For further information on AudioCure, MED-EL and HTGF, please see our Notes to the Editor.
- Press Release English (PDF): Financing Round 29 Nov 2016
- Press Release German (PDF): Finanzierungsrunde 29 Nov 2016
Dr. Reimar Schlingensiepen, COO
D-10115 Berlin · Germany
Tel.: +49 30 6920 50-67
Contact MED-EL Elektromedizinische Geraete
Contact High-Tech Gruenderfonds Management
Dr. Martin Pfister, Senior Investment Manager
D-10115 Berlin · Germany
Tel.: +49 228 823001-00