Listen up! French biotech Sensorion just raised €8M through a private placement to advance its inner ear disease drug to Phase II. Since its IPO in April, the value of the company has quadrupled.
Sensorion emerged in 2009 as a spin-off of Inserm, the French institute of health and medical research. It specialises in the treatment of pathologies of the inner ear such as acute vertigo, tinnitus and hearing loss. The company is therewith addressing an unmet medical need since there are currently very little options for patients suffering from these diseases.
Just 3 months after its Initial Public Offering on the Alternext market in Paris, Sensorion repeated the operation to increase its capital by €8M. Thanks to these two fundraising rounds, the company wants to settle up two phase II trials, both planned for 2016. The two drugs will be tested on their efficacy and are designed to treat vertigo and vestibular lesions respectively. Furthermore, the Company will continue its innovation efforts associated with its Inner Ear technological platform.
Inner ear diseases affect more than 140 million patients worldwide and the nascent market is estimated at over $10bn. Sensorion’s strategy is to conquer the market by acquiring only well developed molecules and striving to get orphan or paediatric indications. Judging from its stockmarket, the company seems to be doing pretty well, having increased its value by over 272% since its IPO in April.