The UK's Archimedes Pharma has raised $100 million from the equity arm of Novo A/S and Warburg Pincus--claiming the biggest European round for a biopharma company in 15 years--and hired former Enzon CEO Jeffrey Buchalter to helm the company.
The financing and new top exec set the stage for the company's planned roll-out of PecFent, a fentanyl nasal spray designed to treat breakthrough cancer pain. Archimedes has submitted Phase III data on PecFent in Europe and the U.S. and believes that it will have approvals to market the therapeutic in both regions later this year.
"This major injection of funding and the appointment of Jeff as the new president and CEO mark the beginning of a new phase in Archimedes' growth plans," said Simon Turton, managing director of Warburg Pincus.
In addition to its pipeline programs, Archimedes already markets a number of therapies, including a biodegradable wafer impregnated with carmustine for high-grade glioma, and Zomorph, a sustained-release morphine product for moderate to severe pain, particularly cancer pain.
- check out Archimedes' release for more info