ACTION PHARMA RAISES EUR 15 MILLION FROM INVESTORS
Copenhagen, Jan 17 2008
Action Pharma A/S, a Danish biotech company dedicated to the discovery and development of novel drugs for the treatment of Type 2 diabetes and other diseases, including organ failure, today announced that it has signed a financing agreement with new and existing investors, raising a total of EUR 15 million.
Swiss/German Global Life Science Ventures (GLSV) and Scandinavian SLS Venture (SLS) will as new investors invest a total of EUR 8 million, while and the existing investors InnovationsKapital of Sweden, Sunstone Capital and Inventure Capital of Denmark will invest a total of EUR 7 million.
The raised capital allow Action Pharma to further develop its pipeline of drug candidates, currently comprising 7 projects of which two are in clinical development. The most advanced project is AP214 for the prevention of organ damage in connection with major surgery for life threatening cardiovascular diseases. A clinical Phase II trial in the US is expected to be initiated in the first half of 2008. The company’s second clinical compound, AP1030, focused on the treatment of Type 2 diabetes, will complete an initial Phase I clinical study in Sweden in the first quarter of 2008.
”This round of financing, in which we welcome two new international investors, is a major recognition of Action Pharma and our pipeline of drug candidates. The capital increase allows us to advance the pipeline and fund the clinical studies, which are among our milestones for 2008”, says Søren Nielsen, CEO of Action Pharma.
Since Action Pharma was founded in 2000, the company has in 2 previous financing rounds raised EUR a total 13 million, and is now fully financed until mid-2009.
Kuno Jung and Hans Küpper of Global Life Science Ventures concludes: ”Action Pharma meets all our investment criteria. The company has a strong management team and an advanced pipeline within therapeutic areas with a great potential.”
SLS Venture’s Henrik Lawaetz says: “We are pleased by the opportunity to invest in Action Pharma. The company has in a few years achieved convincing results.”
For further information, please contact:
Søren Nielsen
CEO, Action Pharma A/S
sn@actionpharma.com
Tel: +45 2323 4533
Jeppe Ø. Øvlesen
CFO & EVP Business Dev, Action Pharma A/S
joo@actionpharma.com
Tel: +45 2844 7567
Kuno Jung
Global Life Science Ventures
K.Jung@glsv-vc.com
Tel: +41 (0) 41 727 1940
Henrik Lawaetz
Scandinavian Life Science Partners
henrik.lawaetz@slsventure.com
Tel: +45 3264 8181
About Action Pharma A/S
Action Pharma A/S is a Danish biotech company dedicated to the discovery and development of novel drugs with significant therapeutic improvement within inadequately treated cardiovascular diseases and diabetes. The core therapeutic focus of the company is obesity, Type 2 diabetes, inflammatory diseases, post-surgical organ damage and organ protection in severe cardiovascular diseases such as myocardial infarction.
The main strategy is to bring drug candidates rapidly through pre-clinical development into clinical trials for subsequent partnering with major pharmaceutical and biotech companies.
Action Pharma has a pipeline of 7 patent protected drug candidates based on modified peptides and small molecules. In addition, the company has license to a patent protected technology for peptide modification.
Action Pharma was founded in 2000 and has a strong investor base of leading Scandinavian and European investors. For more information, please visit www.actionpharma.com
About Global Life Science Ventures (GLSV)
GLSV is a leading, independent venture capital fund focusing exclusively on the life sciences. With offices in Switzerland and Germany, GLSV is dedicated to supporting early-stage companies originating from universities, scientific institutions or industry, but also invests in selected later-stage companies, including buy-outs. The group currently advises and manages funds totaling more than EUR 200 million. GLSV has now financed 34 innovative life science companies throughout Europe and the USA, thirteen of which have completed an exit through IPO, trade sale or M&A. Since 1996, GLSV has built up a broadly diversified portfolio of companies in pharmaceuticals, diagnostics, medical devices, and biotechnology. For more information, please visit www.glsv-vc.com
About SLS Venture (SLS)
SLS Venture, a Scandinavian-based venture capital company, is one of the largest investment funds in Scandinavia in the life science sector with approx. EUR 300 M under management. The vision of SLS Venture is to become the leading Scandinavian life science investor with the aim of maximising return on investment by supporting small and mid-sized life science companies with a unique combination of capital, industrial and financial expertise. For further information, please visit www.slsventure.com