Life Sciences Partners Co-Leads â‚¬ 27.2M Series B Financing of Stem Cell Company Cellerix
Amsterdam, October 8th, 2007 LSP (Life Sciences Partners) today announces the closing of an overscribed â‚¬ 27.2M Series B financing round of cellerix, a biopharmaceutical company leader in the clinical development and production of innovative medicines based on adult stem cells. The round was led by LSP (Netherlands) and Ventech (France), including as a co-lead Ysios Asset Management (Spain), advising a pool of institutional investors. Roche Venture Fund and Novartis Venture Fund also joined the round, together with the private investment group Genera, A&G, the rest of Cellerixâ€™s existing shareholders (including Genetrix, companyâ€™s majority shareholder), and Management. Concomitantly with the investment, Joachim Rothe, General Partner at LSP, Mounia Chaoui, General Partner at Ventech and JoÃ«l Jean-Mairet, Managing Partner at Ysios Asset Management will join Cellerixâ€™ Board of Directors.
â€œCellerix has systematically been assembling all the necessary ingredients to become a leader in stem cell therapy and one of the very few companies with credible products in this fieldâ€, commented Joachim Rothe, General Partner with LSP. â€œWe are delighted to be working with the Company and the other investors to assist Cellerix in this extremely exciting processâ€.
â€œThe support of such an impressive group of specialised international investors is a tremendous recognition of Cellerix leadership among biopharmaceutical cell therapy companies and backs our efforts in the research and development of innovative treatments. Their experience will contribute to the future development of Cellerix into a world-class biopharmaceutical companyâ€ remarked Eduardo Bravo, Cellerix CEO, regarding the transaction. â€To the best of my knowledge, this is the largest international financing ever raised by a Spanish biotech companyâ€.
The funds raised will be invested in the completion of the clinical development of Cx401, which is the Companyâ€™s lead product. Cx401 is a stem cell therapy based on the use of adult autologous stem cells derived from adipose tissue for the treatment of complex perianal fistulas. This condition represents a clinical unmet need in a market that is estimated by Cellerix to surpass EUR 1.5bn in Europe. Cellerix received Orphan Drug Designation for Cx401 in 2005, has initiated a pivotal Phase III trial and expects to reach the market by 2010.
The funds will also allow the further development of the Companyâ€™s additional pipeline products, which include Cx501, a chimeric skin being developed for the treatment of epidermolysis bullosa, with an Orphan Drug Designation in 2006 and currently entering phase II clinical trials. Further products in the pipeline include Cx601 and Cx611, the new generation of allogenic products, undergoing preclinical development for the treatment of fistulas and different alterations of the immune system such as rheumatoid arthritis.
ABN AMRO acted as placement agent of the operation.
Cellerix is a clinical biopharmaceutical company that develops and produces innovative medicines based on the use of adult stem cells. It currently has two products undergoing clinical trials: Cx401 for the treatment of perianal fistulas, is in Phase III and Cx501, for skin regeneration, is currently in Phase II. Cx401 and Cx501 are the two first cellular products to obtain the orphan status by the European Medicines Agency (EMEA). The new generation of Cellerix products is based in the employment of allogeneic stem cells and is represented by Cx601 and Cx611, currently undergoing preclinical development, for the treatment of fistulas and of different alterations of the immune system respectively. For further information about Cellerix: www.cellerix.com.
LSP (Life Sciences Partners) is a leading independent European venture capital firm, providing private equity financing to early- to mid-stage life science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With EUR 400 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced specialist life science investors. See www.lspvc.com.