VarmX, a privately owned spin-out company of the Leiden University Medical Center (LUMC) in the Netherlands received €12.5 million the development of a snake-venom-based medication. This new therapeutic factor X was inspired by a snake venom protein to instantaneously restore blood clotting for patients taking anticoagulants.
Leiden-based VarmX plans to use the funding proceeds to speed up development of its lead compound PseudoXa, a modified recombinant human coagulation factor X which is capable of immediately restoring blood clotting in the presence of direct factor Xa anticoagulants (DOACS).
The latest financing round
The funding includes a €7.5m Series A financing co-led by BioGeneration Ventures (BGV) and Dutch regional development company InnovationQuarter, plus a €5m innovation credit from the Netherlands Enterprise Agency (RVO.nl).
InnovationQuarter aims to play a vital role in VarmX’s market success as the former can help the startup connect with business developers and investors.