Pharmalink AB has announced that it has raised SEK 35 million through a rights issue of new shares to the Company’s existing shareholders, including Industrifonden.
The new funds will be used to further advance Nefecon® and Busulipo™, Pharmalink’s two lead product candidates.
Nefecon is the first pharmaceutical product especially developed for patients with IgA nephropathy, the most common form of primary glomerulonephritis and a cause of end-stage renal disease requiring treatment with dialysis or transplantation.
Nefecon has shown positive results in an open-labeled Phase II trial evaluating safety and efficacy and Pharmalink is currently focusing on preparing pivotal clinical trials.
Busulipo is being developed to provide a best-in-class conditioning agent for use prior to hematopoietic stem cell transplantation (HSCT), also often known as bone marrow transplantation.
Busulipo has successfully undergone Phase II clinical trials and extensive data on efficacy, safety and pharmacokinetics compare positively with historical controls.
Pharmalink is currently preparing for late stage clinical trials and for the registration and introduction of Busulipo into key global markets.
Pharmalink’s Managing Director Johan Häggblad said, “Pharmalink’s ability to raise capital in the current difficult economic climate reflects the potential of our product pipeline and the confidence our shareholders have in our Company and strategy. Our two main product candidates have shown very promising results and this new funding will support their further progress towards becoming new medicines for important indications.”
Lennart Hansson, Investment Director at Industrifonden and member of the Pharmalink Board said: “As part of Industrifonden’s investment strategy, we are seeking to direct more significant capital to work in those companies we believe will deliver major successes. Pharmalink is very much in that category. The Company has shown the quality of its drug development capabilities through successful outlicensing and, in Busulipo and Nefecon, has product candidates with the potential to generate great value for investors. We very much look forward to Pharmalink continuing its work in turning these Swedish medical innovations into products that can make a real difference to patients.”