Sofinnova backs Auris Medical with CHF 47.1m

The funding was split 50-50 between the two investors. Sofinnova Partners committed capital from its latest vehicle, Sofinnova Capital 7. The funding allows Auris Medical to advance its two clinical projects for the treatment of acute tinnitus and inner ear hearing loss.

The deal originated through Sofinnova Partners' proprietary network, its managing partner Antoine Papiernik told unquote". The VC had met the company's founder 10 years ago when he first proposed the firm to institutional backers. At the time, the VC did not invest, but kept the company's business plan on its database. Ten years later, the VC found the entrepreneur had weathered the financial crisis with notable resilience and had developed a product that answered unmet clinical needs. The entrepreneur had also invested his own capital in the firm upon its foundation.

Previous funding
In 2008, AGF Private Equity, ZKB Pharma Vision Fund, Lacuna Apo Biotech Fund and an industrial company injected around €7.4m into the firm.

Prior to the first institutional funding round, the company's founder had backed the firm.

Company
Founded in 2003 and based in Basel, Auris develops pharmaceutical therapies to prevent or treat inner ear disorders. The company is currently developing intratympanic injections with bio-compatible gel formulations.

Auris employs fewer than 10 members of staff and is not yet generating revenues.

People
Sofinnova Ventures general partner Jim Healy and Antoine Papiernik, managing partner at Sofinnova Partners, have joined the firm's board of directors as part of the transaction. Thomas Meyer is the founder of Auris.

Advisers
Equity (Sofinnova Partners) – id est avocats, Michel Jaccard (Legal).

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• Topics
• DACH
• Healthcare
• Expansion
• Sofinnova Partners
• Switzerland