Swiss biopharmaceutical company Strekin AG reported on Monday that it has received CHF2.82m under its Series A financing round with private investors.

The company said the funds will be used by to conclude its ongoing RESTORE Phase 3 clinical trial of STR001 in Sudden Sensorineural Hearing Loss, as well as to prepare for a European filing. The RESTORE trial is an international, randomised, placebo-controlled Phase 3 clinical trial of STR001 in patients suffering from a sudden sensorineural hearing loss event.

In conjunction, the preclinical data published by the company and its collaborators demonstrated that STR001 effectively protects hearing in animal models by blocking oxidative stress and reducing activation of inflammatory signaling in the cochlea. STR001 has been very well tolerated and topline results from RESTORE are anticipated to be released in early 2020.

Sudden sensorineural hearing loss (SSNHL) is an acute loss of hearing caused by damage to the sound-sensing hair cells of the inner ear. SSHNL may be caused by surgery, acoustic trauma, or sudden deafness, a phenomenon in which hearing loss occurs without obvious cause.

(EUR=CHF1.08518)