Azafaros secures 132 million euros in Series B financing

Clinical-stage, Netherlands-based biotech company Azafaros, which is developing disease-modifying therapeutics to offer new treatment options to patients with rare lysosomal storage disorders, announces the completion of an oversubscribed 132 million euros ($147 million) Series B financing.

The funding was led by Jeito Capital, co-led by Forbion Growth and with additional participation from Seroba, Pictet Group and existing investors Forbion Ventures, Schroders Capital and BioGeneration Ventures (BGV).

Azafaros says this financing enables it to accelerate the development of its lead product nizubaglustat, scheduled to enter Phase III studies for Niemann-Pick disease Type C (NPC) and GM1/GM2 gangliosidoses later this year, as well as expanding Azafaros pipeline to other indications.