A new Dublin-headquartered company for rare diseases, Oranda Therapeutics, is seeking to raise €35 million in an early-stage equity raise as it advances plans to partner on a novel medicine to treat genetic obesity which is going through clinical trials
Oranda’s co-founder and chief executive Ahmed Al-Derzi said the fledgling company is currently is in exclusive talks to finalise a licensing agreement for Europe, Middle East and Africa for a treatment for hyperphagia, a feeling of insatiable hunger, in patients with a genetic disorder known as Prader-Willi syndrome (PWS).
Mr Al-Derzi declined to identify the firm developing the medicine, citing a confidentiality agreement at this stage. However, he said the drug is currently scheduled to commence a pivotal phase three study in late 2025.
Money being raised in the so-called Series A funding round will be used to build out Oranda, support the phase three study with the firm’s own experts in clinical trials, regulation and commercialisation, and acquire other assets.
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The licensing deal would see Oranda pay the developer an upfront amount, with follow-on payments on certain milestones being achieved, as well as royalties on sales, subject to it being approved in Europe.
Mr Al-Derzi has worked in the pharmaceuticals industry for 25 years. Prior to co-founding Oranda he was CEO and co-founder of Consilient Health, a pharma company headquartered in Dublin. He continues to own more than 15 per cent of that company, according to Companies Registration Office filings.
Oranda’s co-founder is John Irwin, a veteran in rare – or orphan – medicine commercialisation. The company has lined up a number of figures to take on key executive roles, including Adrian Howd, the former CEO of Dublin-listed Malin Corporation.
Mr Al-Derzi said that the company is also looking at launching a number of generic treatments for drugs that are coming off patent over the next three to five years, mainly in the respiratory and cardiovascular areas.
The business aims to grow to have as many as 40 full-time employees within three years, rising to 60 after five years, he said.
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