Press Release: Biotech company raises â‚¬8.4 million to develop protein drugs
Biotech company raises â‚¬8.4 million to develop protein drugs News release from Nautilus Biotech Nautilus Biotech, a leading biotechnology company, has announced that it has raised â‚¬8.4 million in investment funding. The investors in this round include Creabilis Biotech, Ed. de Rothschild Investment Partners, Auriga Partners, Matignon Technologies, Pre-IPO Invest, FCJE, 123 Ventures and GenopoleÂ®. The legal advisors were Hammonds Hausmann. The proceeds of the financing will be used to fund the initial clinical development of Nautilus Biotechâ€™s two lead products, BelerofonÂ® and VitatropinÂ®. Belerofon and Vitatropin are, respectively, proprietary variants of human Interferon alpha and human Growth Hormone. Each has a single amino acid replacement, making them both long-lasting in serum following injection and, for the first time, orally available. Earlier this month Nautilus Biotech initiated in the US a Phase I clinical trial for subcutaneous Belerofon. In February the Company submitted an Investigational New Drug (IND) filing for oral Belerofon to the US Food and Drug Administration and plans to start clinical trials later this year. The company also expects to submit an IND filing for Vitatropin in 2007. Commenting on the funding, Manuel Vega, Nautilus Biotechâ€™s CEO, said: â€œWe are pleased to have secured this financing round which, when combined with our increasing revenues, will enable Nautilus Biotech to progress its planned clinical development programmes to the next stepâ€. Philippe Peltier, Partner at Auriga Partners, commented: â€œNautilus Biotech has made very significant progress in developing innovative technologies that have great commercial potential. The continuing support of existing investors demonstrates the confidence we have in the Company, its strategic goal of clinically developing protein drugs with significantly improved therapeutic profiles, and its ability to form partnerships with the pharmaceutical industryâ€. Nautilus Biotech Nautilus Biotech is a leading biotechnology company with a novel pipeline of next-generation therapeutic proteins with superior profiles. The Companyâ€™s protein engineering technology improves the pharmacology profile and administration route of important blockbuster protein drugs. The therapeutic proteins market is currently valued at over $35bn, and is growing at a rate of 10-15% per annum. Nautilus Biotech has created a portfolio of next-generation products with improved profiles, including long-lasting Interferon alpha (BelerofonÂ®), hGH (VitatropinÂ®), Interferon beta, Erythropoietin, Interferon gamma, Clotting Factor IX (in collaboration with Wyeth Pharmaceuticals) and HMGB1-BoxA (in collaboration with Creabilis Therapeutics). Nautilus Biotech has established a strong intellectual property position covering enhanced versions of these multibillion dollar molecules and is rapidly moving these products into clinical development.