ESBATech spin-out Delenex rounds up $14M

Switzerland's Delenex Therapeutics has raised $14 million (CHF 13.5 million) in a Series A round of financing. SV Life Sciences, HBM BioCapital, HBM BioVentures, BioMedInvest and VI Partners all participated in the funding.

Delenex was spun out of ESBATech after it was purchased for $589 million by eye disease company Alcon in 2009. Alcon was primarily interested in ESBATech's ophthalmology business and granted Delenex access to all rights to develop ESBATech's antibody technology in all other fields. The funding will allow Delenex to develop therapeutic antibody fragments for local and/or topical therapies for central nervous system, inflammatory, respiratory and dermatologic disorders. Clinical trials are expected to begin "in the near future," according to a statement.

"We are delighted to have received such strong support from blue chip investors," notes Delenex Executive Chairman Thomas Hecht. "Their commitment--as former investors in ESBATech--validates our strong technology platform and business strategy. Thanks to their long-standing track record and in-depth understanding of the antibody field, we get much more than financial backing."

- here's Delenex's release for more