EQT Life Sciences co-leads €51m Series B in Exciva, funds Phase 2

EQT Life Sciences has co-led a €51 million Series B financing in clinical‑stage biotech Exciva, a raise that will bankroll a multi‑jurisdictional Phase 2 study of the company’s lead candidate, Deraphan, for agitation linked to Alzheimer’s disease.

The round — co-led by Gimv alongside returning backers — also attracted participation from Fountain Healthcare Partners, LifeArc, Carma Fund, Modi Ventures, Andera Partners and LBBW. Total proceeds of €51 million (approximately $55 million) will fund clinical expansion across the EU, the United States and Canada.

Exciva is targeting a sizable and overlooked clinical problem. Neuropsychiatric symptoms — particularly agitation and behavioural disturbances — affect up to 90% of patients with advanced Alzheimer’s and drive high caregiver strain and healthcare utilisation. Current treatments are limited, often carry safety warnings and deliver inconsistent benefit, creating space for differentiated symptomatic therapies.

Deraphan is a fixed‑combination therapy that pairs two clinically validated agents, one of which is a new chemical entity. According to company data, the programme showed a reassuring safety and tolerability signal in Phase 1, giving the team confidence to move into proof‑of‑concept testing. The Phase 2 trial will evaluate both efficacy and safety endpoints specific to agitation in Alzheimer’s, with a design intended to de‑risk regulatory discussions and payer conversations should the data be positive.

Exciva’s CEO, François Conquet, said the financing brings both fresh capital and clinical development expertise, enabling the company to scale operations and run a geographically broad Phase 2. Philip Scheltens, MD, PhD — Partner at EQT Life Sciences — highlighted the strategic fit, noting the investment reflects the fund’s focus on high‑impact neuroscience programmes with clear clinical unmet need.

As part of the transaction, EQT Life Sciences will strengthen board oversight: Philip Scheltens will join as a director and Juliette Lee will take an observer seat. That governance step signals active investor involvement at the clinical and commercial planning level.

From a market perspective, therapies addressing behavioural symptoms in dementia sit at the intersection of acute care demand and long‑term cost containment: payers and providers are increasingly focused on solutions that can reduce hospitalisations, limit antipsychotic use, and improve quality of life. For investors, the space has seen selective late‑stage bets where clinical clarity and differentiated safety profiles exist. Exciva’s raise positions it to generate a pivotal dataset that could unlock larger partnering or later‑stage funding opportunities.

With ageing populations across North America and Europe, successful symptomatic treatments for Alzheimer’s represent a commercial and societal priority. The new capital gives Exciva the runway to pursue critical clinical milestones for Deraphan while the investor syndicate brings a mix of neuroscience, translational funding and life‑science commercial experience to guide the programme through Phase 2.