Exclusive: HMNC Series B round to close by Q3 2022
HMNC Brain Health, a Germany-headquartered company focused on the development of personalised therapies in psychiatry, expects the completion of its Series B financing of $50 million “by latest middle of this year”, chief executive Benedikt von Braunmühl tells HealthInvestor UK .
This publication has learnt that HMNC is already in discussion with interested parties. A New York-based independent financial advisor has been appointed, according to a HMNC spokesperson.
Backed by German/ US venture capital funds and European family offices, HMNC has raised approximately €28 million to date. In its Series B round, which was launched in Q4 2021, the company is interested in venture capital funds, “preferably those with sector expertise”.
Braunmühl says that HMNC will target both strategic and financial investors. Also, family offices, including those of its current investors Carsten Maschmeyer, the Jahr family and Dr Guntard Gutmann.
The new capital will finance Phase II projects in depression and fuel growth in the US and Europe. Braunmühl says the group finds the UK a very interesting market to expand as well but the strategic discussions “are still ongoing.”
HMNC’s chief clinical development officer, Hans Eriksson, points to the openness in the UK academic community to novel treatment approaches. He says: “I think it’s sort of a fertile ground for new ideas and an interesting part of the world to conduct clinical trials in. We are certainly interested in the UK.”
Braunmühl adds: “For certain geographies, we can envision to work together with established companies that have the clinical development infrastructure and connections to the payers, regulators, but also the marketing power to bring our products quickly to the market.”
The company’s long-term goal is an IPO but that’s lower prioritised, Braunmühl explains, adding that the stock market has suffered since the end of last year – also affected by the Ukrainian war.
HMNC is a spin-off of the Max Plank Institute for Psychiatry in Munich. It was co-founded in 2010 by Professor Florian Holsboer and entrepreneur Carsten Maschmeyer. The group has developed its offering from diagnostic tests to clinical development and therapeutics pioneering the development of personalized therapies targeting both major depressive disorder (MDD), treatment-resistant depression (TRD).
Date published: April 20, 2022