PanGenetics raises 23 million Euro in a series C financing to fund clinical advancement of its therapeutic antibody programs
PanGenetics B.V. announced that the company has closed a series C financing round in which it raised a total of 23 million Euro (US$34 million). The round was led by Edmond de Rothschild Investment Partners (EdRIP), with participation from Biogen Idec New Ventures and Fortis Private Equity, as well as existing series B investors Index Ventures, Forbion Capital Partners and Credit Agricole Private Equity.
According to the company, the capital raised represents one of the largest private rounds in the Dutch biotech industry, and will fund the clinical progression of PanGenetics' therapeutic antibody programs PG102 and PG110, as well as progressing programs at an earlier stage. A phase I study of the company's CD40 antagonist PG102 in psoriatic arthritis patients is expected to start mid year. The chimeric version of the molecule has already been successfully evaluated in an open label study in Crohn's Disease patients, and the planned double blind, placebo controlled single ascending dose study will read out in the middle of 2009. PG110, a humanized antibody targeting nerve growth factor (NGF), is currently in full preclinical development, after which it will enter a double blind, placebo controlled study in patients suffering from chronic pain. The design of this study will be geared towards clinical proof of concept and results are anticipated in late 2009.
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