- Strategic investment from the Bill & Melinda Gates Foundation with additional investment from EIFO brings the total to $11.8 million
- The new investment extends Series A investment to about $50 million
- Funds will be used to expand Freya's DYSCOVERTM platform to identify and develop microbial immunotherapies to treat bacterial vaginosis and prevent pre-term birth
COPENHAGEN, Denmark and BOSTON, Nov. 19, 2024 /PRNewswire/ -- Freya Biosciences (Freya or the Company), a transatlantic biotech company specializing in women's health, today announces a $10.4 million strategic investment from the Bill & Melinda Gates Foundation (the foundation) with $1.4 million additional financing from current investor Export and Investment Fund of Denmark (EIFO).
The funds will be used to develop microbial immunotherapies for the treatment of bacterial vaginosis (BV) to address pre-term birth and potentially other indications affecting maternal and newborn health.
Freya is developing microbial immunotherapies to regulate the immune system and inflammatory responses in the vaginal tract using its DYSCOVERTM platform. Freya has identified Lactobacillus strains that are capable of engrafting in the vaginal tract thereby displacing the existing dysbiotic vaginal microbiome and reducing key inflammation biomarkers. To date the platform has yielded Freya's lead candidate, FB301 for improving pregnancy success in IVF.
Freya will now leverage the DYSCOVER platform to develop and bring to the clinic a microbial immunotherapy for BV. BV is a common condition that occurs when the vagina is infected with bacteria, causing an imbalance in the local microbiome resulting in unpleasant but usually mild symptoms. However, it can have serious consequences in pregnant women, raising the chance of premature rupture of membranes, preterm birth, intra-amniotic infection, low birth weight and miscarriage. BV is treatable with antibiotics, but often BV redevelops shortly after antibiotic treatment has been completed, eventually leading to chronic recurrence and increased inflammation in the reproductive tract.
BV is a critically underserved condition, with prevalence among women of reproductive age between 23-29% and higher rates in certain low-and middle-income countries. Women in these regions face disproportionately high risks of preterm birth and associated complications, underscoring the global need for effective, accessible treatments. Thus, there is an urgent need to develop a therapeutic that can serve populations around the world, especially those in resource-constrained settings where the health burden is most acute.
Colleen Acosta, PhD, Chief Executive Officer of Freya Biosciences, said: "We are thrilled that the Bill & Melinda Gates Foundation has placed its trust and financing in Freya to address major unmet global health challenges. This is an important validation of our work and the potential of the DYSCOVER platform, enabling Freya to develop critically needed therapeutic candidates for women's and infant health."
Peter Bisgaard, Chairman of the Board of Freya Biosciences, added: "Freya's mission is to develop innovative solutions that can transform the health outcomes for millions of women globally, including in low-resource settings. This strategic investment from the Bill & Melinda Gates Foundation empowers us to take on one of the most pressing issues in maternal and infant health - bacterial vaginosis, its associated inflammation and connection to preterm birth. We are committed to ensuring that the benefits of our breakthrough therapies extend to women everywhere."
In connection with the financing, Chris Chen, Partner, Strategic Investment Fund at the Bill & Melinda Gates Foundation, will join the Freya Biosciences board of directors as an observer, effective immediately.
About Freya Biosciences
Freya Biosciences is a clinical-stage biotech company with headquarters in Copenhagen, Denmark and Boston, Massachusetts dedicated to developing microbial immunotherapies for high unmet medical needs in women's health. Freya addresses immune drivers underlying a range of reproductive health conditions to create a future where everyone is empowered with optimal reproductive health. For more information, please visit www.freyabiosciences.com or visit us on LinkedIn.
About EIFO
EIFO is the national promotional bank and export credit agency of Denmark combined in one financial institution. Active in over 100 countries, and with a total business volume of more than EUR 20 billion, EIFO provides financial solutions for Danish companies and their global partners, while also investing in startups and funds. We exist to open doors for Danish global business, accelerate the green transition, promote new technologies and develop the Danish defense industry. With our willingness to take risks in financing, EIFO paves the way for those who dare to think bigger.
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