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Pepscan Secures Euro 7 Million in its Second Financing Round

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Pepscan Systems BV has announced that it has raised Euro 7 million (US$ 9 million) in a second financing round by issuance of equity to a Netherlands group of investors.

The investment was led by BioX Biosciences BV ('s-Hertogenbosch). Other investors participating in this round of financing are Lupus Ventures BV (Heerenveen), PPM Oost NV (Arnhem) and Technofund Flevoland BV (Lelystad).

Pepscan is also announced that it received regulatory approval to initiate enrolment of patients in a Phase II Proof of Principle Study for its GNRH vaccine for the treatment of hormone dependent prostate cancer.

The funds will be used primarily to both continue and expand development of its existing portfolio of therapeutic vaccines programs in oncology and to initiate pre-clinical development of therapeutic antibodies.

Pepscan expects to obtain clinical proof of principle for its lead product, a prostate cancer vaccine that has been partnered with Novartis (Basel, Switzerland) by first half of 2007.

Further products in development at Pepscan include a pancreatic cancer vaccine, as well as a bone metastases vaccine.

The product pipeline address a multi-billion US$ market opportunity by aiming to employ the company's proprietary technology platform for neutralizing growth factors and signalling molecules through anti self immunization.

"We are very pleased with both the level of funding and the speed by which we have been able to realize this investment round," commented Joost van Bree, Ph.D., CEO of Pepscan.

"This funding allows us to further expand our proprietary product pipeline and is a major step in our continuing development as a leader in the field of immunotherapies."

Biox Biosciences stated it "is very pleased with its role as lead investor in Pepscan's current financing round. The Company has completed its transition to a full-fledged drug development company."

"Pepscan Systems is increasingly recognised by leading pharmaceutical and biotechnology companies as a leader in immunotherapeutics."

"We are very pleased to become involved with a company with a talented and experienced management team, with a valuable technology platform and a portfolio of promising product candidates."

"The investors and shareholders are committed to building a world-class biotechnology company."