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DVC Deutsche Venture Capital achieves a substantial return on the assetThursday 1st of January 1970 1:00DVC Deutsche Venture Capital achieves a substantial return on the asset sale of portfolio company Probiodrug to Prosidion Ltd. 9th
July 2004 Munich
– DVC Deutsche Venture Capital, one of Europe’s leading venture capital
companies based in Munich, is set to achieve a substantial return following the
successful asset and technology transfer of the portfolio company Probiodrug AG
to Prosidion Limited. Probiodrug, in which DVC has had a stake since 1997,
carries out research into and tests new types of medicine for the treatment of
diabetes. Probiodrug is an international leader in the development of orally
administered antidiabetics. The British company Prosidion Limited, a
majority-owned subsidiary of Nasdaq-listed OSI Pharmaceuticals, Inc., is
purchasing technology for the development of medicines in the area of metabolic
illnesses for $ 35 million, and will pay additional milestone payments in the
event of the successful development of the clinical candidate P93/01.
Probiodrug
AG, which is based in Halle (Saale), has been a DVC portfolio company since 1997
and is a pharmaceutical research and development company analysing the
fundamental mechanisms of modern civilizational diseases. Probiodrug develops
new types of agents up to the initial clinical testing phases with the aim of
then licensing them out to partners in the pharmaceutical or biotechnological
industries. In the case of type 2 diabetes, both the production of insulin by
the pancreas as well as its effect on the target organs, i.e. the liver, muscles
and fatty tissue, is disturbed. This results in permanently high blood-sugar
values, which in the long-term can lead to delayed after-effects such as damage
to the eyes, kidneys, nerves and blood vessels. Initial candidate agents, which
as inhibitors prevent the enzyme dipeptidyl peptidase IV (DP IV) from breaking
down the intestinal hormones GLP-1and GIP, are in an advanced stage of
development. Thanks to Probiodrug specialists, the dream of many diabetics of a
simple tablet as an effective therapy for diabetes, is finally within reach. The
acquisition of this platform technology along with the inhibitor on the verge of
entering clinical phase II testing, will result in the strengthening of the
market position of British biotechnology company Prosidion, which specialises in
type 2 diabetes and adiposis. The deal in turn offers Probiodrug the chance to
push forward their innovative and internationally-regarded research projects in
the areas of gastro-intestinal, neuronal and auto-immune disturbances. “The
positive synergies that exist in relation to expertise in the area of type 2
diabetes and adiposis will allow both companies to jointly implement their
innovation and corporate strategies more effectively and more quickly,”
comments Dr. Jörg Neermann, Managing Partner at DVC, referring to the
successful transaction. DVC
Deutsche Venture Capital,
a leading venture capital firm based
in Munich, focuses primarily on European growth companies in the areas of
information, telecommunication, semiconductor and industrial technologies as
well as life sciences. In the field of life sciences DVC invests in the
development of therapeutic and diagnostic products as well as in platform and
medical technologies. DVC’s total administrated fund volume amounts to 300
million Euro. For investments in private companies, DVC invests approximately 1
- 10 million Euro as lead investor or, in the case of larger financing rounds,
as co-lead investor. DVC is a “value-added” financial investor. Each sector
team consists of experienced investment managers with relevant backgrounds.
Since its formation in 1998, DVC has invested in approximately 50 companies. Further
information is also available at http://www.dvcg.de
In
the event of publication please send us a copy – thank you! Press
Contact Heidrun
Moll DVC
Deutsche Venture Capital Neumarkter
Str. 28 D
– 81673 Munich Tel
+49 89 41 36 87 12 Fax
+49 89 41 36 87 87 Related Web-Links(If any, Generated Automatically)
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