InDex Pharmaceuticals Closes $20 m Financing Round, Welcomes NeoMed as New Shareholder
Stockholm/Sweden, February 25, 2014 - InDex Pharmaceuticals today announced the successful closing of a USD 20 million / EUR 15 million new rights issue. NeoMed led the oversubscribed financing round while current shareholders participated with 75% of the invested capital.
In summer 2014, InDex Pharmaceuticals expects to report data from a Phase III study with its lead product candidate Kappaproct®, which is being developed for the treatment of severe Ulcerative Colitis (UC) – a debilitating, chronic inflammation of the large intestine.
In conjunction with the investment, Dr. Erik Amble, Managing Partner and founder of NeoMed Management, has been appointed as a new member of the company's Board of Directors. Dr. Amble has over 25 years of experience with venture capital investments in Europe and the U.S.
"We are very pleased to welcome NeoMed as a shareholder," said Jesper Wiklund, CEO of InDex Pharmaceuticals. "NeoMed brings extensive experience with drug development as well as a strong network of industry contacts. These will be major assets as we move our lead drug candidate Kappaproct towards the market."
Erik Amble, Managing Partner of NeoMed Management added: "InDex Pharmaceuticals' Kappaproct is a late-stage product candidate that meets a significant unmet medical need of this seriously ill patient group. The InDex team is impressively well qualified, and we look forward to working with them to build significant value for both patients and investors."
Since 2012, Kappaproct® has been investigated in the COLLECT trial, a European multicenter Phase III study to evaluate the effectiveness and safety for the treatment of chronic active, refractive ulcerative colitis (UC) patients. Kappaproct® is a DNA-based immunomodulatory sequence (DIMS) targeting the toll-like receptor 9 (TLR9). Primary endpoint of the COLLECT study is induction of clinical remission in severe UC patients, who have failed all other medical treatments and whose only remaining treatment option is colectomy.
About InDex Pharmaceuticals
InDex Pharmaceuticals develops Kappaproct® - a completely new type of drug that can help patients with severe ulcerative colitis back to a normal life. The results from an ongoing Phase III study are expected in mid-2014. The company is based in Stockholm. Among the main shareholders are SEB Venture Capital, Industrifonden and NeoMed. For more information, please visit www.indexpharma.com
Despite today's drug treatment options, there are ulcerative colitis patients with persistent severe symptoms such as pain and frequent, bloody diarrhea. For these patients, often the only option is to get the colon surgically removed. Kappaproct® is a completely new type of drug that provides a powerful anti-inflammatory effect locally in the intestine, which leads to mucosal healing and alleviation of clinical symptoms. Kappaproct® has, in contrast to many other drugs within the field, an excellent safety profile. Efficacy and safety data from completed clinical trials suggest that Kappaproct ® can give seriously ill patients the opportunity to return to a normal life. A phase III trial is currently underway and results are expected in mid-2014.
About NeoMed Management
NeoMed Management is an international venture capital investment firm exclusively focused on the healthcare industry. Founded in 1997, NeoMed has established five funds to date. NeoMed invests in emerging companies with outstanding growth prospects. These companies are developing innovative and proprietary medical products that address substantial market opportunities in the pharmaceutical, medical device and diagnostics industries.
Contact InDex Pharmaceuticals:
Jesper Wiklund, CEO
Tel: +46 8 508 847 35/ +46 (0)733 59 05 53
Dr. Ludger Wess or Ines-Regina Buth
Tel.: +49 (0)40 88 16 59 64 / +49 (0)30 2363 2768