Forbion co-leads oversubscribed $157M Series B Financing Round in Engrail Therapeutics

• Proceeds to Support Advancement of Engrail’s Pipeline for Neuropsychiatric and Neurodevelopmental Disorders
• Investment marks the ninth from Forbion’s Growth Opportunities II Fund

Naarden, The Netherlands – March 19, 2024 – Forbion, a leading European life sciences venture capital firm, today announces that it has co-led a $157 million Series B financing round in Engrail Therapeutics, together with F-Prime Capital Partners and Norwest Partners. RiverVest Venture Partners, Red Tree Venture Capital, funds managed by Abrdn, Ysios Capital, Longwood Fund and Eight Roads Ventures also participated in the Series B financing.

Engrail is developing therapies for the treatment of diseases with significant unmet medical need including anxiety disorders, depression, post-traumatic stress disorder, and rare neurodegenerative diseases. Proceeds from the Series B financing will fund the advancement of its pipeline through various stages of clinical development, including its lead asset, ENX-102, currently in phase II development for generalized anxiety disorder.

With this financing, Engrail has successfully raised over $200 million since its inception in 2019. Engrail marks the ninth investment from Forbion’s Growth Opportunities II Fund which raised €600 million in 2023. The fund is focused on investing primarily in European later-stage biopharma companies developing novel therapies in areas of high medical need.

Following this financing, Forbion General Partner Jasper Bos, PhD, will join the board of Directors.

Also joining the Engrail board is Stacie Weninger, Ph.D. of F-Prime, Tiba Aynechi, Ph.D. from Norwest Venture Partners, Niall O’Donnell, Ph.D. of RiverVest Venture Partners, and Heath Lukatch, Ph.D. from Red Tree Capital.