PanGenetics B.V. announced today 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.
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.
Raphael Wisniewski, who will join the supervisory board of
PanGenetics on behalf of EdRIP, commented: "We are very excited to
lead this new round of financing. This highly experienced management
team has a unique expertise in the therapeutic antibody development
field. PanGenetics, which has built a very attractive product
pipeline, optimally fits with our current portfolio with robust
product candidates entering clinical development." Kevin Johnson, CEO
of PanGenetics, added: "We were fortunate to have high demand in this
financing round and are delighted to welcome our new investors, all of
whom bring significant sector expertise."
Biogen Idec New Ventures is also an investor in this round. Biogen
Idec has longstanding expertise in the CD40 pathway, the target of
PG102, PanGenetics´ lead molecule. John Dunn, EVP of Biogen Idec New
Ventures, commented: "Clearly Biogen Idec´s investment in PanGenetics
speaks to our continued belief in the importance of this pathway."
EdRIP and Biogen Idec New Ventures are joined in this round by
Fortis Private Equity who is an active biotech investor both via
direct investments in the Benelux as well as via an international
portfolio of top-quartile life sciences funds. The Fortis group is one
of the most active in the Benelux biotech industry and beyond, which
is underscored by the fact that the investment banking group of Fortis
has been successfully managing the public offerings of several biotech
companies on Euronext.
Notes for editors
About PanGenetics B.V.
PanGenetics is headquartered in Utrecht, The Netherlands with an
office near Cambridge in the UK. The company specializes in taking
antibodies at the late research stage through to clinical proof of
concept. The company employs a lean business model with most
development activities outsourced to specialist providers in Europe.
The most advanced programs of PanGenetics are PG102, a CD40 antagonist
that has already shown promise in an open label Crohn´s study, and
PG110, an anti-Nerve Growth Factor antibody for use in chronic pain.
The company´s management, board and advisors comprise many of the
world´s leading antibody developers.
About Edmond de Rothschild Investment Partners, France
Paris-based Edmond de Rothschild Investment Partners (EdRIP) is
dedicated to minority investments into privately-owned companies. It
has currently 500 million Euro under management which are being
invested primarily as life sciences venture capital and growth
capital. EdRIP´s life science team of 6 professionals has over 80
years of cumulated experience in the life science industry and
approximately 150 million Euro under management. EdRIP is an affiliate
of the group La Compagnie Financiere Edmond de Rothschild. For more
information please visit: www.edrip.fr.
About Biogen Idec New Ventures, USA
New Ventures is Biogen Idec´s corporate venture group, which was
formed in 2004 with an initial commitment of US$100 million for
strategic investments in emerging biotech companies. The strategy is
to select investments in companies developing innovative human
therapeutic products or technologies that will drive product discovery
and development more efficiently. Biogen New Ventures wants its equity
investment to be the basis for further relationship building with
company founders, their companies and their other investors. Once
investments are made, the group stays engaged with the portfolio
companies and provides assistance through the global resources and
experience to help ensure their success. More information can be found
at www.biogenidec.com/site/new-ventures.html.
About Fortis Private Equity, Belgium
Fortis Private Equity, part of Fortis Merchant Banking, manages
all of Fortis´s private equity assets. Its total direct and indirect
investment portfolio amounts to upwards of 1.5 billion Euro. Private
Equity teams based in Belgium, the Netherlands, France, Spain and Asia
concentrate on direct investments. Fortis Private Equity is also
building up a diversified fund-of-funds portfolio through indirect
investments, principally in buy-out and venture capital funds in North
America, Europe and, since recently, in Asia. More information is
available at www.mpb.fortis.com.
About Index Ventures, Switzerland
Index Ventures is a leading venture capital firm active in
investing since 1996. The firm is dedicated to helping top
entrepreneurial teams, both in the Life Science and Information
Technology sectors, build their companies into market defining global
leaders. The firm has offices in Geneva, London and Jersey and focuses
its investment activity primarily on Europe, Israel and the US. Life
science investments of note include Genmab A/S (GEN:OMX), Addex
Pharmaceuticals (ADXN:SWX), BioXell (BXLN:SWX) and Cellzome. Further
information can be found at www.indexventures.com.
About Forbion Capital Partners, the Netherlands
Forbion Capital Partners invests in EU and US Life Sciences
companies, developing world-class products and technologies. The
Forbion team has invested in 38 drug development and med tech
companies since 2000, initially as ABN AMRO Capital Life Sciences, the
venture arm of ABN AMRO Bank NV. In December of 2006 the group became
independent by broadening its investor base and changing its name to
Forbion Capital Partners. In recent years, the Forbion team has
successfully divested from 13 portfolio companies, leaving an active
portfolio of 25 companies. Assets under management currently exceed
200 million Euro. Further information can be found at www.forbion.com.
About Credit Agricole Private Equity, France
Credit Agricole Private Equity, an AMF-authorised investment
management company and wholly-owned subsidiary of Credit Agricole
S.A., specializes in direct private equity investment in unlisted
companies. A multi-specialist, Credit Agricole Private Equity has 40
investment teams focusing on different segments of the private equity
market (Expansion & Buyout capital, Venture Capital, Secondary Market,
Mezzanine, Renewable Energy, PPP Infrastructure and Liquidity
Solutions) and manages a total of 2 billion Euro in various types of
private equity vehicle (FCPR, SICAR, FCPI and SCR). Credit Agricole
Private Equity supports entrepreneurs in their growth projects. For
further information, go to www.ca-privateequity.com.
