Founded by an initial investment of US$1.8M from the BioInnovation Institute (a Novo Nordisk Foundation Initiative), Lophora has received additional support of US$1.6M from The Danish Growth Fund (Vækstfonden) and the Danish Innovation Fund (Innovationsfonden), allowing Lop hora to complete pre-clinical development of its first-in-class lead candidate LPH-5, which is expected to enter Phase I studies in early 2022.
Lophora is pleased to announce the company has received financial support of US$0.9M from the Danish Growth Fund (Vækstfonden), and an additional US$0.7M InnoBooster grant from the Danish Innovation Fund (Innovationsfonden). Lophora is now well funded to complete the pre-clinical development of LPH-5 and further progress back-up molecules. The company is now very well positioned to secure a Series A financing round to fund the subsequent clinical trials expected to start early next year.
Lophora has recently exited stealth mode, having submitted PCT and US patent applications on their novel compounds in November of 2020 and bolstering their team with key pharma/biotech savvy personnel with the additions of Ian Laquian and Don deBethizy to their board of directors. In addition, the company has added clinical psychedelics experts Professor Allan Young (Psychiatry, King’s College London) and Professor Hartwig Siebner (Head of Research, Hvidovre Hospital, University of Copenhagen) to their advisory board, as well as Tim Haines, Chairman & Managing Partner at Abingworth, one of Europe’s largest and most active life science venture capital investors.
“We’re very thankful to the BioInnovation Institute, Vækstfonden, and the Danish Innovation Fund for the support and vote of confidence.” states Lophora’s CEO, Mr. Bo Tandrup. “To date, LPH-5 continues to show immense promise with validated efficacy in animal models, a solid safety profile, and clear line of sight to the clinic. With enough capital to advance development of LPH-5 to IND/CTA-ready status and progress back-up molecules, Lophora is now very well positioned to initiate a Series A financing round later this year to fund the clinical development plans.”