|
| |
PanGenetics raises 23 million Euro in a series C
financing to fund clinical advancement of its therapeutic antibody programs
Utrecht, The Netherlands / Cambridge UK- 5 March 2008 –
PanGenetics B.V. announced today that the company has closed a series C
financing round in which it raised a total of 23 million Euro (US$34 million).
The round was led by Edmond de Rothschild Investment Partners (EdRIP), with
participation from Biogen Idec New Ventures and Fortis Private Equity, as well
as existing series B investors Index Ventures, Forbion Capital Partners and
Credit Agricole Private Equity.
The capital raised represents one of the largest private rounds in the Dutch
biotech industry, and will fund the clinical progression of PanGenetics’
therapeutic antibody programs PG102 and PG110, as well as progressing programs
at an earlier stage. A phase I study of the company's CD40 antagonist PG102 in
psoriatic arthritis patients is expected to start mid year. The chimeric version
of the molecule has already been successfully evaluated in an open label study
in Crohn’s Disease patients, and the planned double blind, placebo controlled
single ascending dose study will read out in the middle of 2009. PG110, a
humanized antibody targeting nerve growth factor (NGF), is currently in full
preclinical development, after which it will enter a double blind, placebo
controlled study in patients suffering from chronic pain. The design of this
study will be geared towards clinical proof of concept and results are
anticipated in late 2009.
Raphaël Wisniewski, who will join the supervisory board of PanGenetics on behalf
of EdRIP, commented: “We are very excited to lead this new round of financing.
This highly experienced management team has a unique expertise in the
therapeutic antibody development field. PanGenetics, which has built a very
attractive product pipeline, optimally fits with our current portfolio with
robust product candidates entering clinical development.” Kevin Johnson, CEO of
PanGenetics, added “We were fortunate to have high demand in this financing
round and are delighted to welcome our new investors, all of whom bring
significant sector expertise.”
Biogen Idec New Ventures is also an investor in this round. Biogen Idec has
longstanding expertise in the CD40 pathway, the target of PG102, PanGenetics’
lead molecule. John Dunn, EVP of Biogen Idec New Ventures, commented: “Clearly
Biogen Idec’s investment in PanGenetics speaks to our continued belief in the
importance of this pathway.”
EdRIP and Biogen Idec New Ventures are joined in this round by Fortis Private
Equity who is an active biotech investor both via direct investments in the
Benelux as well as via an international portfolio of top-quartile life sciences
funds. The Fortis group is one of the most active in the Benelux biotech
industry and beyond, which is underscored by the fact that the investment
banking group of Fortis has been successfully managing the public offerings of
several biotech companies on Euronext.
-ENDS-
Notes for editors
About PanGenetics B.V.
PanGenetics is headquartered in Utrecht, The Netherlands with an office near
Cambridge in the UK. The company specializes in taking antibodies at the late
research stage through to clinical proof of concept. The company employs a lean
business model with most development activities outsourced to specialist
providers in Europe. The most advanced programs of PanGenetics are PG102, a CD40
antagonist that has already shown promise in an open label Crohn's study, and
PG110, an anti-Nerve Growth Factor antibody for use in chronic pain. The
company's management, board and advisors comprise many of the world's leading
antibody developers.
About Edmond de Rothschild Investment Partners, France
Paris-based Edmond de Rothschild Investment Partners (EdRIP) is dedicated to
minority investments into privately-owned companies. It has currently 500
million Euro under management which are being invested primarily as life
sciences venture capital and growth capital. EdRIP’s life science team of 6
professionals has over 80 years of cumulated experience in the life science
industry and approximately 150 million Euro under management. EdRIP is an
affiliate of the group La Compagnie Financière Edmond de Rothschild. For more
information please visit:
www.edrip.fr .
About Biogen Idec New Ventures, USA
New Ventures is Biogen Idec's corporate venture group, which was formed in 2004
with an initial commitment of US$100 million for strategic investments in
emerging biotech companies. The strategy is to select investments in companies
developing innovative human therapeutic products or technologies that will drive
product discovery and development more efficiently. Biogen New Ventures wants
its equity investment to be the basis for further relationship building with
company founders, their companies and their other investors. Once investments
are made, the group stays engaged with the portfolio companies and provides
assistance through the global resources and experience to help ensure their
success. More information can be found at
www.biogenidec.com/site/new-ventures.html.
About Fortis Private Equity, Belgium
Fortis Private Equity, part of Fortis Merchant Banking, manages all of Fortis's
private equity assets. Its total direct and indirect investment portfolio
amounts to upwards of 1.5 billion Euro. Private Equity teams based in Belgium,
the Netherlands, France, Spain and Asia concentrate on direct investments.
Fortis Private Equity is also building up a diversified fund-of-funds portfolio
through indirect investments, principally in buy-out and venture capital funds
in North America, Europe and, since recently, in Asia. More information is
available at
www.mpb.fortis.com .
About Index Ventures, Switzerland
Index Ventures is a leading venture capital firm active in investing since 1996.
The firm is dedicated to helping top entrepreneurial teams, both in the Life
Science and Information Technology sectors, build their companies into market
defining global leaders. The firm has offices in Geneva, London and Jersey and
focuses its investment activity primarily on Europe, Israel and the US. Life
science investments of note include Genmab A/S (GEN:OMX), Addex Pharmaceuticals
(ADXN:SWX), BioXell (BXLN:SWX) and Cellzome. Further information can be found at
www.indexventures.com .
About Forbion Capital Partners, the Netherlands
Forbion Capital Partners invests in EU and US Life Sciences companies,
developing world-class products and technologies. The Forbion team has invested
in 38 drug development and med tech companies since 2000, initially as ABN AMRO
Capital Life Sciences, the venture arm of ABN AMRO Bank NV. In December of 2006
the group became independent by broadening its investor base and changing its
name to Forbion Capital Partners. In recent years, the Forbion team has
successfully divested from 13 portfolio companies, leaving an active portfolio
of 25 companies.
Assets under management currently exceed 200 million Euro. Further information
can be found at
www.forbion.com .
About Crédit Agricole Private Equity, France
Crédit Agricole Private Equity, an AMF-authorised investment management company
and wholly-owned subsidiary of Crédit Agricole S.A., specializes in direct
private equity investment in unlisted companies. A multi-specialist, Crédit
Agricole Private Equity has 40 investment teams focusing on different segments
of the private equity market (Expansion & Buyout capital, Venture Capital,
Secondary Market, Mezzanine, Renewable Energy, PPP Infrastructure and Liquidity
Solutions) and manages a total of 2 billion Euro in various types of private
equity vehicle (FCPR, SICAR, FCPI and SCR). Crédit Agricole Private Equity
supports entrepreneurs in their growth projects. For further information, go to
www.ca-privateequity.com .
Source: PanGenetics B.V., March 5, 2008
Contact:
Dr. Arnoud Dijkstra
Tel. + 31 651 941 921
info@PanGenetics.com
www.PanGenetics.com
Media enquiries:
College Hill Life Sciences
Claire Mosley / Gemma Price / Sue Charles
Tel. +44 (0)20 7457 2020
claire.mosley@collegehill.com /
gemma.price@collegehill.com
| |
|
