Elevara Medicines closes $70 million Series A financing

UK clinical-stage biotech Elevara Medicines today announced the close of a $70 million Series A financing. The round was co-led by Forbion and Sofinnova Partners, with participation from founding investor, Monograph Capital.

The Series A proceeds will fund Elevara’s upcoming Phase II clinical trial of its lead candidate ELV001 and support exploratory programs in additional chronic inflammatory conditions and women’s health. The START-SYNERGY Phase II trial will enroll approximately 180 patients with inadequate response to methotrexate and TNF inhibitors, with recruitment expected to begin before the end of 2025.

Emma Tinsley, chief executive of Elevara Medicines, commented: “We have created Elevara together with Monograph Capital because we believe ELV001 could have a fundamental impact on RA patients who fail to achieve disease remission through immune targeted approaches. This $70 million financing provides us with the resources to rapidly advance ELV001 through Phase II and to expand into other chronic inflammatory indications. We are grateful for the support of our investors and are excited to take this molecule forward with Teijin Pharma.”