Allegro raises €5,5M funding round.

Allegro raises €5,5M in funding to complete their breakthrough treatment for osteoarthritis

Allegro, The Belgian specialist in biomedical nanotechnology is excited to announce the closing of a €5,5M funding round, led by prominent life sciences investors Annie Vereecken and Noshaq, joined by SPW, family offices, and the company’s founders. The funds will be used to complete the pre-clinical and first-in-human phases of their breakthrough treatment for osteoarthritis.

A breakthrough treatment for osteoarthritis

Osteoarthritis (OA) is a complex disease, whereby the joint’s mechanics have been overlooked for decades, instead focusing solely on the inflammation. Allegro has proven that focusing on the joint mechanics is the best approach, which led to the breakthrough invention of the first effective causal treatment with far-reaching benefits for the patient.

Allegro developed a completely new and unique hydrogel injection, which features revolutionary nanotechnology. The product restores the mechanics of the joint, which is the fundamental cause of osteoarthritis. This new approach has been proven with very convincing data and validated by key opinion leaders in the field of orthopedics and rheumatology. Considering the current treatment landscape, the unmet clinical need, and the performance of the product, the company has a potential blockbuster in osteoarthritis.

5,5M for a potential blockbuster

Animal studies have shown the safety and efficacy of the product in the treatment of osteoarthritis. The results from these animal studies were superior to any current treatment and clearly surpass today’s standard of care.

Encouraging results should now be confirmed by completing the pre-clinical phase and starting a first-in-human study for its novel treatment of osteoarthritis. The proceeds also allow for building out the pipeline in orthopedics and chronic diseases. This funding is a strong vote of confidence in Allegro’s technology and its potential to positively impact the life of patients with osteoarthritis”, declared Jorg Schelfhout, CSO and founder of Allegro.

Annie Vereecken, Investor, said: “Allegro’s founders are not only scientists with a deep knowledge of the product, but they have also a clear view on the (market)possibilities of the product in human and animal care. I am convinced that they will succeed in their intent together with the support of the investors.

Hélène Sabatel, Investment Manager at Noshaq said:Allegro is a young and dynamic startup which is tackling a complex disease with significant unmet medical needs. They are developing a solution that could meet some of these needs and we are looking forward to confirm the promising potential of their product.

The company is now hiring an additional 10 people, such as scientists in the field of biopolymers, and experts in clinical studies and quality management to shape the future of biomedical technology.