Symphogen’s Success Attracts USD 25 Million Investment
News Jan 12, 2006
Symphogen A/S has announced the initial closing of a USD 25 million Series D financing at a premium to the last financing round.
The financing will be used to carry out clinical trials of Symphogen’s first product, anti-RhD for the treatment of Idiopathic Thrombocytopenic Purpura (ITP) and engage in additional partnerships to leverage Symphogen’s human polyclonal and monoclonal antibody discovery and production capabilities.
The existing investors together with Takeda Research Investment, Inc. (TRI) , the investment arm of Japans largest pharmaceutical company, participated in this financing round.
LD Pensions provided the largest single investment in this round with significant commitments from other existing investors including, Essex Woodlands Health Ventures (USA), Scandinavian Life Science (SLS) Venture, Novo A/S, and Vaekstfonden.
"Symphogen’s cutting-edge recombinant antibody technologies represent an industry breakthrough that will impact the future of antibody therapeutics in multiple disease areas including infectious diseases and cancer," stated Graeme Martin, CEO & President of TRI.
"This new financing demonstrates our continued belief that Symphogen's recombinant polyclonal human antibodies represent a truly innovative approach to treating numerous complex diseases," said Jeppe Christiansen, Managing Director of LD Pensions.
"We are particularly pleased that, in addition to the preparations for the human clinical trials for treatment of ITP, the Company has made significant progress by adding antibody programmes that target smallpox, RSV and cancer."
Commenting on this financial milestone, Kirsten Drejer, Ph.D., Chief Executive Officer of Symphogen A/S said, "We are fortunate to have an exceptional group of international investors who have demonstrated their commitment to Symphogen."
"In May last year Symphogen entered into a CMO contract with Biovitrum that involves process development and production of a Rhesus D-specific human, recombinant, polyclonal antibody."
"It is a significant achievement that this first product, consisting of 25 distinct antibodies, has now been produced according to GMP and in sufficient amounts to commence phase I/II clinical trials."