InnoBio, a biotech fund managed by CDC Enterprises, had announced its joint venture with Sofinnova Partners in MedDay for the cost of EUR 8 Million or $10.5 Million. MedDay was created by Dr. Guillaume Brion and Dr Frederic Sedel back in 2011 to specialize in the treatment of neuro-metabolic diseases.
The financial backing would be utilized for the development of three compounds to last until 2016, including its stages of study for the progressive multiple sclerosis as well as the development of an R&D platform. The technology platform of MedDay is dependent on Dr Sedel, a neuroscientist, who is continuously doing research in neurology to discover rare hereditary metabolic diseases in adults.
Managing Partner at Sofinnova Partners, Rafaèle Tordjman, says: "We are thrilled to contribute to MedDay's development and help further Dr Frédéric Sedel's research. His metabolic approach to neurologic diseases is radically new and will allow for the development of ground breaking solutions in a field which still suffers from significant unmet need."
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