Dutch biotech gains $34M for clinical work

The Dutch biotech PanGenetics has rounded up $34 million in venture backing for the clinical development of two antibody programs. The round was led by Edmond de Rothschild Investment Partners with contributions from Biogen Idec New Ventures, Fortis Private Equity, Forbion Capital Partners and Credit Agricole Private Equity. A Phase I study of the company's CD40 antagonist PG102 in psoriatic arthritis patients is expected to start mid-year. PG110, a humanized antibody targeting nerve growth factor, is in preclinical development, slated for a study in patients suffering from chronic pain. Data is expected in late 2009.

Biogen Idec made it clear that the developer's work in the CD40 pathway--which is targeted by PG102--made this a logical investment. "Clearly Biogen Idec's investment in PanGenetics speaks to our continued belief in the importance of this pathway," says John Dunn, executive vice president of Biogen Idec New Ventures.

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ALSO: Berwyn, PA-based Trevena--which is targeting G-protein coupled receptors--has closed on a $24 million Series A financing. Alta Partners and Healthcare Ventures led the round that included New Enterprise Associates and Polaris Venture Partners. Release