Sunstone backs Forendo Pharma

Sunstone joins the existing international investor syndicate comprising Novo Seeds, Karolinska Development, Innovestor, Novartis Venture Fund, M Ventures and Vesalius Biocapital Partners.

The fresh capital will be used to advance Forendo's endometriosis programme into the next phase of clinical studies.

Sunstone general partner Claus Andersson will join Forendo's board of directors.

Previous funding
Karolinska invested €1.2m in a series-A funding round for Forendo in June 2013. The Nordic life sciences investor took a 21% stake in the company. Novo Seeds and Finnvera also participated in the financing round.

Together with previous funding from Tekes, the planned tranched funding round was expected to reach €10m over a three-year period, of which Karolinska would invest up to €3m.

Vesalius joined the syndicate in 2018 to invest a further €4m.

Company
Founded in 2013 and based in Turku, Finland, Forendo is developing new treatments for endometriosis and low testosterone levels, based on research from the University of Turku.

People
Sunstone Life Science Ventures – Claus Andersson (general partner).
Forendo Pharma – Risto Lammintausta (CEO).

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• Topics
• Early-stage
• Nordics
• Healthcare
• Venture
• Finland