Eleva secures up to $74m to advance drug candidate

The company also announced the addition of Dr Ralf Smit to its executive board

Eleva has secured up to $74m in funding from Zukunftsfonds Heilbronn (ZFHN). The funds will help advance one of its drug candidates, CPV-101, to a stage the company hopes will facilitate further investment from venture capitalists or pharmaceutical companies.

Eleva has been using its moss-based platform to produce novel drugs. ZFHN, an investor in local start-ups CPV-101, a potentially game-changing complement regulator, to more advanced clinical stages.

The investment from ZFHN is aimed to take CPV-101 to more advanced clinical stages, enabling additional investment from venture capital firms and/or pharmaceutical companies on the path to approval. Complement regulators manage inflammatory processes by protecting the body's own cells and preventing excessive inflammation. Current methods block the inflammation pathway but promote further infections and pathogen proliferation.

Andreas Schaaf, CSO of Eleva, said: "ZFHN has been a great supporter and long-term strategic partner. Together we are convinced that the unprecedented potential of our platform will deliver tomorrow's therapeutics."

Eleva also announced the addition of Dr. Ralf Smit as CBO. Smit has more than 25 years of experience in business development and commercialisation with pharmaceutical companies including Roche and BioStrat. Previously an advisor to Eleva, he will now head its clinical and business development.