Ossianix Announces Lundbeck Investment
PHILADELPHIA, Jan 03, 2012 (BUSINESS WIRE) -- Ossianix, Inc. today announced a strategic investment by H. Lundbeck A/S in the form of a Convertible Promissory Note. The proceeds from Lundbeck's investment is expected to allow Ossianix to generate biopharmaceuticals for the treatment of nervous system disorders by utilizing Ossianix's proprietary single domain antibody platform modeled on the shark vNAR structure. This will potentially give access to the development of novel differentiated CNS products. Lundbeck will retain the right to negotiate for certain products and technologies arising from the research at Ossianix.
"Lundbeck is a recognized leader in producing drugs for neurological and psychiatric disorders. We are very pleased that Lundbeck via this investment has chosen to further extend their involvement in the emerging field of biotherapeutics for CNS disorders," said Frank S. Walsh, CEO of Ossianix. "We also welcome Peter Hongaard Andersen, Senior Vice President, External Scientific Relations to the Board of Directors of Ossianix and we will benefit immensely from his wide experience within both Pharma and Biotech."
Peter Hongaard Andersen said, "We at Lundbeck look forward to following the development of Ossianix's exciting new technology. We wish to develop our biologics portfolio further and Ossianix's technology has the potential to tailor the power of the single domain antibodies to a variety of unique drug targets."
Ossianix is a privately held biopharmaceutical company based in Philadelphia, PA that develops novel biopharmaceuticals for a variety of therapeutic areas. The company utilizes the versatile single domain shark vNAR scaffold to engineer unique differentiated products in a variety of formats. Two former senior executives from Wyeth and Pfizer, Frank S. Walsh and Corey S. Goodman, formed the company in 2011. Ossianix is currently funded by BioAdvance and the ALS Association. For more information please visit www.ossianix.com .
H. Lundbeck A/S (LUN.CO, LUNDC, HLUKY) is an international pharmaceutical company highly committed to improving quality of like for people suffering from CNS disorders. For this purpose Lundbeck is engaged in the research, development, production, marketing and sales of pharmaceuticals across the world. The company's products are targeted at disorders such as depression and anxiety, schizophrenia, insomnia, epilepsy and Huntingdon's, Alzheimer's and Parkinson's diseases.
Lundbeck was founded in 1915 by Hans Lundbeck in Copenhagen Denmark. Today Lundbeck employs approximately 5,900 people worldwide. Lundbeck is one of the worlds leading companies working with CNS disorders. In 2010 the company's revenue was DKK 14.8 billion (approximately EUR 2.0 billion or USD 2.6 billion). For more information please visit www.lundbeck.com .
Through its Greenhouse Fund, BioAdvance, has committed $20 million in 49 life science start-up companies and academic technologies. BioAdvance investments have enabled its portfolio companies to leverage $1.4 billion in follow-on capital and M&A valuations. To date, seven BioAdvance portfolio companies have been acquired and an eighth has gone public (nupathe:PATH). The BioAdvance portfolio companies are developing 60 products to treat diseases such as cancer, diabetes, Alzheimer's and infectious diseases.
For more information or to apply for funding please visit www.bioadvance.com .
SOURCE: Ossianix Inc