elbion AG Increases Series A Financing to EUR35 Million
elbion AG (elbion) announced that it has increased its Series A Financing from EUR25 million to EUR35 million. Additional investors include Techno Venture Management (TVM), Munich and Boston, Temasek Holdings, Singapore, and Mitsubishi Corporation, Tokyo. They complement lead investors 3i, Burrill & Company and DVC Deutsche Venture Capital as well as co-investors AGF Private Equity, Quintiles PharmaBio Development, BayTech Venture Capital and Marubeni Corporation.
"We are extremely pleased that this financing provides us with adequate resources to swiftly progress our clinical and pre-clinical development programs. With AWD 12-281 and ELB139 already in clinical Phase II we have the potential to generate proof of concept in man in the first half of 2006. Further, ELB353 and ELB526 are drug candidates that are intended to enter the clinic in 2006 as well" said elbion's CEO, Bernd Kastler, and added: "Our top tier financial investor base - together with our strong product portfolio - gives us the chance to evaluate a variety of strategic options in the forthcoming months."
As a result of the transaction, Dr. Christoph Schroeder, Senior Advisor at TVM in Munich, has joined elbion's Supervisory Board.
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