Antisense Pharma Completes Round of Financing Worth Approximately 8 Million Euro
News Jul 07, 2011
The biopharmaceutical company Antisense Pharma has announced that MIG Funds 2, 3 and 9 as well as GAF have increased their share capital by approximately 8 million euro.
In addition, the current Chief Execute Officer (CEO), Dr. Karl-Hermann Schlingensiepen changed from the operative management of Antisense Pharma to a strategic advisory position closely associated with the company as of July 1. Dr. Karl-Hermann Schlingensiepen and the investors developed this solution together.
Pivotal phase II/III study on pancreatic cancer: Start of a second international clinical trial of Antisense Pharma in preparation
“With this major entry into the systemic, intravenous application in solid tumors, we share Antisense Pharma’s hope that trabedersen could become the first medication approved for second-line therapy of pancreatic cancer,” says Michael Motschmann, Chief Executive of MIG Verwaltungs AG.
Motschmann continued, “Trabedersen could give new hope to patients suffering from this extremely aggressive type of cancer and open up a greatly needed but thus far completely vacant market niche along with its corresponding high revenue potential. At the same time, this means a risk reduction for the development of trabedersen, as this medication now has several marketing opportunities if the trials are successful. Furthermore, there is a potential for added value since new markets can be opened up.”
“This additional potential presents the ideal time point to further improve Antisense Pharma’s international position,” according to company founder Dr. Karl-Hermann Schlingensiepen. “For this reason, we and our main investor MIG AG have decided to increase the international pharmaceutical and capital market experience of the company management.”
In his function as Chief Executive Officer, Dr. Schlingensiepen has managed several areas of the company such as preclinical research, patents, regulatory affairs and human resources. Thanks to his initiative, Antisense Pharma has more than 20 patent families and holds more than 100 granted patents. During his tenure, Antisense Pharma has been awarded the German Founders’ and the Bavarian Innovation Prizes.
“As of July of this year, I will change from my operative management position at Antisense Pharma to a strategic consulting function and will concentrate on consulting on the areas of preclinical research, patents, regulatory affairs and representation at international congresses. My activities for Antisense Pharma have now entered a new phase. I really look forward to my new role as an advisor to bring our promising medicinal product, trabedersen, to the market.”
As part of the capital increase completed on April 30, Dr. Karl-Hermann Schlingensiepen and the other founding shareholders have granted options which will clearly facilitate the involvement of new and even international investors.
Dr. Heinrichs to take over as Acting CEO
Until the CEO successor is named, Dr. Hubert Heinrichs, Managing Director and Chief Medical Officer of Antisense Pharma, will assume the position as Acting CEO. Dr. Heinrichs was intensively involved in the current round of financing and he has the investors’ full confidence for the management of all commercial and scientific areas of the company in a competent and target-oriented manner.
Dr. Heinrichs, the entire team of Antisense Pharma and administrative board of directors all express their sincere thanks to Dr. Karl-Hermann Schlingensiepen for his excellent performance and dedication to the company.
“On behalf of the company I would like to thank Dr. Schlingensiepen for his achievements during the value-adding phase as managing director and for the excellent and trustworthy personal cooperation,” Dr. Heinrichs said.
Dr. Heinrichs continued, “At the same time I believe that the planned partial takeover of the operative business by a new CEO with extensive international pharmaceutical and capital market experience carries high development potential for the future tasks that Antisense Pharma will be facing. I think that this step will further strengthen our company, creating an ideal basis for the company to succeed in international competition.”