Alveron Pharma has successfully closed a EUR 5.0 million Series Seed extension financing (approx USD 5.28 million) to advance the development of its innovative drug, OKL-1111, for the treatment of intracranial hemorrhage (ICH).

The syndicate is led by Broadview Ventures and includes the participation of all existing investors including Sanquin (the Dutch Blood Foundation), Thuja Capital, Waterman Ventures and Oost NL.

Founded in 2019, Alveron Pharma is developing a synthetic anticoagulant and platelet inhibitor reversal agent to prevent hematoma expansion and improve clinical outcomes in patients with ICH. Current therapies for treating ICH patients on anticoagulants have cumbersome regimens, resulting in the excessive door to needle times, often exceeding two hours, which exacerbate poor outcomes for these patients. OKL-1111 has a universal mode of action by binding to a downstream clotting factor and a unique product profile, enabling administration within 10 minutes of a diagnosing CT scan.

In addition, the drug reverses the effects of clopidogrel, a major platelet inhibitor, for which there is currently no antidote. The capital provided by this new financing enables Alveron to accelerate important development activities that support OKL-1111’s readiness for further clinical studies to demonstrate safety and proof-of-concept efficacy in patients.

“With the support from our syndicate of specialist life science investors, alongside the expertise of our Scientific Advisory Board, we are eager to advance our innovative therapeutic approach and improve patient outcomes,” said Ben Nichols, CEO of Alveron Pharma.

Benjamin Kreitman, Principal at Broadview Ventures, Inc. commented, "Intracranial hemorrhage remains a severe unmet medical need, and the development of novel treatments to reverse both anticoagulants and platelet inhibitors could deliver a meaningful improvement in the long-term outcomes of ICH patients. As Broadview's investment strategy is focused on the improvement of human health in the areas of cardiovascular disease and stroke, we are delighted to accelerate this highly innovative approach in this indication of significant unmet need."