Fountain Healthcare co-leads Dualyx’s €40m fundraise

15 May 2023

Image: © narstudio/

The Belgian start-up is targeting specific receptors as a way to treat a wide range of autoimmune diseases.

Fountain Healthcare Partners, the Irish life sciences venture capital firm, is one of the lead investors in the €40m fundraise of Belgian biotech Dualyx.

The Series A funding round was co-led by Fountain Healthcare, Forbion and Andera Partners, with participation from existing investors V-Bio Ventures, BGV, PMV, VIB, HTGF, and GFF.

As part of the deal, Fountain Healthcare’s Ena Prosser and Juliette Audet from Forbion will join Dualyx’s board as non-executive directors.

Dualyx will use the funding to progress its leading programme called DT-001, which aims to treat a wide range of autoimmune diseases. These are conditions where the immune system malfunctions and attacks healthy parts of the body.

There are more than 80 known autoimmune diseases such as multiple sclerosis, lupus and rheumatoid arthritis.

Dualyx said its DT-001 programme targets a receptor in the body called TNFR2 which it describes as a “master control switch” in immune modulation. The biotech claims early results suggest DT-001 could become a new way to treat a broad range of autoimmune diseases.

The funding will be used to progress this programme into an early clinical proof-of-concept phase.

“Attracting the expertise and support of top-tier investors to Dualyx highlights the potential of the work to date in our DT-001 programme and more importantly, completes our high-quality international investor base,” said Dualyx CEO Wouter Verhoeven.

“I am confident that the combined support of our new board will enable progress with our highly promising TNFR2 program, and ultimately our goal of addressing hard-to-treat autoimmune diseases.”

In 2021, Fountain Healthcare invested in Calypso Biotech, a Dutch start-up working on novel treatments for autoimmune conditions such as coeliac disease.

In late 2020, Fountain Healthcare led a €10.5m Series B round for Neuromod, a Dublin start-up developing tinnitus treatments, and a €30m Series A round for Dublin-headquartered life sciences start-up Priothera.

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Leigh Mc Gowran is a journalist with Silicon Republic