Clinical stage biotechnology firm Prilenia Therapeutics has raised $62.5m through a Series A financing round to launch the company’s planned Huntington’s disease (HD) and amyotrophic lateral sclerosis (ALS) late-stage clinical trials.

The financing round was led by Forbion, with the participation of new investors Morningside Venture Investments and Sectoral Asset Management and existing investors Talisman Capital Partners and Genworks 2.

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With the latest financing, the total capital invested in Prilenia since its foundation in September 2018 has reached $84.5m.

Besides the funding round, Prilenia has also announced the appointment of Michael R Hayden as the company’s CEO.

Commenting on the Series A financing round, Michael R. Hayden said: “Having such renowned investors Forbion, Morningside and Sectoral join us on this important journey is important validation of the team and our development programme.

“With this funding, we will be able to complete two critical clinical trials in disease areas with significant unmet need. We believe we have the opportunity to bring real hope to HD and ALS patients and their families and we are keen to accelerate our progress.”

Proceeds generated from the financing round will be used to fund two late-stage trials, which could lead to the registration of pridopidine used HD and ALS treatment.

Forbion managing partner and co-founder Geert Jan Mulder said: “We are convinced that pridopidine has the potential to seriously impact these intractable diseases. The more we have scrutinised the programme, the more excited we have become.

“We look forward to continuing to work with Prilenia’s outstanding management team, as well as the new and existing investors to help drive it to success.”