With several Phase II studies now under its belt, Circassia has completed an impressive fourth round of venture financing, raising $98 million in one of the biggest VC gambles of the year as the developer plots its first round of pivotal studies.

The Oxford, UK-based biotech was founded back in 2006 on a new approach to "down-regulating" the human immune system. The developer has programs under way designed to guard against allergies as well as organ rejection. This new round is earmarked for Circassia's Phase III programs for its cat and ragweed allergy T-cell vaccines. More Phase II studies are planned for its allergy technology with new work also being planned for a newly acquired psoriasis program.

Imperial Innovations led the round with additional investments coming from Invesco Perpetual and others. Relying on a scientific approach developed at Imperial College and chaired by ex-Glaxo Chairman Sir Richard Sykes, Circassia has managed to buck the biotech trend in Europe, garnering fresh financing and heading into pivotal trials as a time a number of developers are finding it hard to survive.  

"We have achieved positive phase II results in our three lead allergy programmes and extended our portfolio into the autoimmunity field," boasted CEO Steve Harris. "Since Circassia's establishment five years ago, we have built a company with a broad pipeline, completed numerous phase II trials and raised significant investment funding. The new financing announced today will allow us to build on this progress, and transform Circassia into a world-class immunotherapy business."

- here's the Circassia release

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