OrbiMed et al. in $35m series-A for Therachon

According to Therachon, the series-A was led by New York-headquartered OrbiMed. The VC currently holds stakes in other French healthcare companies such as biotech Cerenis Therapeutics, a portfolio company since a €42.1m series-B in 2006; and liver disease specialist Echosens, which raised a €30m Cathay Capital-led funding round in May 2015.

Investing alongside OrbiMed was fellow VC New Enterprise Associates and existing investors ITT and Versant, shareholders in Therachon since providing seed capital to the business in 2014.

The business is currently looking to accelerate clinical trials for its flagship therapy. The soluble treatment is meant to mend skeletal growth for children born with achondroplasia.

According to OrbiMed, its interest in Therachon comes from the potential of the product to fill a gap for the estimated 200,000 achondroplasia patients worldwide, currently lacking a therapy to fight the genetic condition.

The round is the second sizable deal recently recorded by unquote" in French healthcare. In early September, French medical implant designer Biom'up reaped €31.3m from Gimv, BPI France and Lundbeckfond Ventures.

Company
Founded in 2014, Therachon is headquartered in Biot and operates a laboratory in Nice. The business develops treatments for achondroplasia, a genetic condition weakening bone and cartilage development among children. The disease, induced by a mutation in gene encoding FGFR3, is a significant factor in dwarfism conditions.

People
OrbiMed's work on the deal was led by venture partner Stephen Squinto, who will join Therachon's board of directors alongside NEA principal Sara Nayeem. Tom Woiwode, a managing director at Versant, is Therachon's current chairperson.

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