Press Release: 7TM Pharma raises DKK 123 million in financing round
7TM Pharma raises DKK 123 million in financing round HÃ¸rsholm â€“ June 7, 2007: 7TM Pharma A/S has raised DKK 123 million (EUR 16.5 million) in a new financing round. The financing round included SR One Limited (SR One), who led the investment with strong support from the companyâ€™s existing investors. SR One is GlaxoSmithKlineâ€™s (GSK) independent corporate health care venture fund. The fresh capital will help accelerate the companyâ€™s drug discovery and drug development programs, primarily further clinical development of the drug candidates Obinepitide (TM30338) and TM30339, both for the treatment of obesity. Joyce A. Lonergan, Managing Partner of SR One, said: â€œWe are enthusiastic about investing in 7TM Pharma based on a strong Team and the companyâ€™s focus on metabolic diseases and obesity as well as their promising pipeline. Moreover, we like 7TM Pharmaâ€™s strong core competencies of efficiently coupling innovative drug discovery and clinical development.â€ Jeppe Christiansen, CEO of LD Pensions said: â€œ7TM Pharma has continuously supplied promising results over the years, and it was therefore natural for us to make the additional investment in the company.â€ Mette Kirstine Agger, CEO of 7TM Pharma said: â€œIt is a great advantage to 7TM Pharma that our consortium of investors now includes one of the most sophisticated and knowledgeable biotech investors, SR One. Many investors have shown an interest, and we are pleased to have the continuing trust and financial support of our existing investors. Over the past year, our pipeline has matured substantially and become broader with two programs in development and a number of exciting drug discovery projects. More capital is required when we are successful in our drug discovery and drug development, which our investors understand.â€ 7TM Pharma A/S Contact person: Mette Kirstine Agger CEO Tel: +45 3925 7777 Direct tel: +45 3925 7767 E-mail: [email protected] About 7TM Pharma 7TM Pharma is a biotech company focusing on discovery and development of new drugs targeting 7TM receptors. 7TM Pharmaâ€™s primary therapeutic area is metabolic diseases, including obesity and cardiovascular diseases. According to the WHO, there are more than 400 million clinically obese people worldwide, and the number is growing rapidly. In spite of this, there are only few approved therapies for obesity. The basis for 7TM Pharmaâ€™s drug discovery is thorough and comprehensive knowledge about 7TM receptors and their structures, which the company uses in the design of new potential drugs. In recent years, the company has established a broad pipeline of research and development programs based on in-house drug discovery and development, and entered into several research partnerships, including with Ortho-McNeil Inc. (a subsidiary of Johnson & Johnson). Since its inception in 2000, 7TM Pharma has raised DKK 610 million (EUR 82 million). Investors include Index Ventures, Novo A/S, Alta Partners, LD Pensions, Johnson & Johnson Development Corporation, Dansk Innovationsinvestering, Sofinnova Capital, Healthcare Private Equity Limited Partnership, Lombard Odier Darier Hentsch & Cie, SR One, Global Life Science Ventures, Baker/Tisch Investments, Credit Agricole Private Equity, GIMV and BioMedinvest AG. For more information on 7TM Pharma, please visit www.7tm.com. About the new investor â€“ SR One Limited SR One Limited is GlaxoSmithKlines independent corporate healthcare venture fund. The Funds mission is to invest globally in emerging biotech companies that are focused on drug discovery, delivery or development and have the potential to make products that will offer a dramatic benefit to patients. SR One is committed to making investments that can provide attractive returns and significant strategic value. Since its founding in 1985, SR One has invested more than USD 500 million in more than 120 companies located in the US and Europe. Today, there are about 30 private and public companies in the SR One portfolio. The SR One team includes six investment professionals based in the US and Europe and has experience that spans venture-capital investing, business development, Wall Street, pharmaceutical R&D.