EdRip leads €34m series-B for MedDay

Kenny Wastell
08 April 2016

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Edmond de Rothschild Investment Partners (EdRip) has led a €34m series-B round for French biotech MedDay Pharmaceuticals, alongside existing backers Sofinnova Partners and BPI France.

The fresh capital will enable MedDay to undertake the third phase of US testing of its drug for the treatment of patients suffering from progressive multiple sclerosis. It will also fund pre-launch activities for the drug in Europe in addition to new research and product development.

EdRip is currently investing from its BioDiscovery 4 fund, which held a final close in November 2013 on €192m. The fund invested in a €15m round for Toulouse-based biotech GamaMabs Pharma in December.

BPI France invested from its €173m FCPI vehicle InnoBio, which had previously backed the company, as well as its 2013-vintage Large Venture Fund, a €600m vehicle.

Sofinnova and BPI France also recently took part in a €22m series-A round for another French biotech, Enyo Pharma. At the time, Sofinnova said its future investments would come from its eighth fund, which closed on €300m in December 2015.

Previous funding
BPI France (then known as CDC Enterprises) and Sofinnova injected €8m into MedDay in April 2013.

Company
Founded in 2011 and headquartered in Paris, MedDay focuses on the development of drugs for the treatment of nervous system diseases. The company currently provides its products on a named-patient basis, granting access to those who have exhausted all other treatment options.

People
MedDay – Frédéric Sedel (CEO).
EdRip – Raphaël Wisniewski (partner).