VarmX raises €30M to develop therapeutic proteins that restore hemostasis in bleeding patients

Leiden-based VarmX, a biotech company developing “innovative” approaches for the reversal of anticoagulation (also known as blood thinners), announced on Thursday that it has secured an additional €30M in a Series B2 round of funding.

The Dutch company VarmX is focusing on the development of therapies in the field of hemostasis and thrombosis. It was founded in 2016 by Prof. Pieter Reitsma and is a spin-off of the Leiden University Medical Center (LUMC).

The company aims to develop and manufacture therapeutic proteins to restore hemostasis. Its lead compound VMX-C001 is designed to safely and efficiently restore hemostasis in patients using oral factor Xa inhibitors (such as edoxaban, rivaroxaban and apixaban) in the event of bleeding or during emergency surgery.

Investors supporting VarmX

The investment was led by a biotherapeutics-focused venture fund Sound Bioventures and joined by a new investor the European Innovation Council (EIC) Fund.

Existing investors EQT Life Sciences (formerly LSP), Inkef, Lundbeckfonden BioCapital, Ysios Capital, BioGeneration Ventures (BGV), InnovationQuarter (IQ), and Libertatis Ergo Holding (LEH) also participated.

VarmX’s lead compound ‘VMX-C001’

According to VarmX, when factor Xa blood clotting inhibitors are present, the recombinant human blood clotting factor X, VMX-C001, allows blood to clot properly.

Its development aims to make it easier for people taking Direct Oral Anticoagulant Blood Thinners (DOACs) to quickly, safely, and effectively treat severe spontaneous bleeds. 

It also intends to make it possible for people taking this class of blood thinners to have emergency surgery without the risk of bleeding that comes with FXa DOACs.

VarmX claims that the compound shows promise for applications in various indications and has the potential for a strong and distinctive profile, including universal and one-dose reversal, usability and safety that support emergency care use.

The company will share preliminary findings of the compound at the International Society on Thrombosis and Haemostasis meeting (June 24-28, 2023) in Montreal. The full study findings will be released later this year.

Capital utilisation

VarmX says it will use the funds to obtain the Investigational New Drug (IND) approval for its lead compound, VMX-C001, as well as complete preparations for the pivotal clinical trial and large-scale manufacturing.

The company has already completed the enrollment of VMX-C001’s first-in-human (FIH) research which was designed to show the compound’s safety and clinical proof of concept.

Dr Jan Öhrström, CEO of VarmX, says, “Factor Xa-DOAC induced bleeding is becoming an increasingly frequent problem as the use of these anticoagulants increases, including due to the future availability of generics, and more users are experiencing bleeding problems.”

“However, the opportunities for effective, safe treatments to prevent spontaneous bleeding, especially during surgery, remain limited. This funding will enable us to move the development of our VMX-C001 programme further forward and bring it closer to helping patients.”