PhD | Director Therapeutic Innovation and BaseLaunch
Tel. +41 61 295 50 17stephan. emmerth@baselarea. swiss
The Basel-based biopharmaceutical company Strekin has secured CHF 10 million in a Seed C financing round. The funds will enable Strekin to accelerate development of a new treatment for acute types of hearing loss.
STR001 is currently the subject of a Phase 2 clinical study. The treatment works by protecting auditory hair cells of the inner ear. The current Phase 2 clinical study is testing the treatment’s efficacy in patients undergoing cochlear implantation (CI) surgery, which carries the risk of acute loss of residual hearing. STR001 has the potential to prevent this. The Phase 3 trial will explore the drug’s efficacy in patients suffering from a sudden onset sensorineural hearing loss.
“With our current Phase 2 trial progressing well in CI patients, we are now pleased to have secured the funding to launch a second clinical trial in sudden sensorineural hearing loss”, said Alexander Bausch, Strekin’s CEO and founder. “If successful, the confirmatory nature of both trials, as well as the orphan disease status of the indication, may allow Strekin to bring STR001 to the market.”
The results of the CI trial are expected to be available in the fourth quarter. If the results are positive, the Basel-based company will raise additional capital in an option Series A financing round to fund technical scale up and prepare for early filing of STR001.