Santaris Pharma raises â‚¬20 million of new equity
COPENHAGEN, 18th December 2007 â€“ Santaris Pharma, the Danish biopharmaceutical company, announced today that it has completed a new â‚¬20.4 million (DKK 152 million, US$ 30 million) private investment round. Gilde Healthcare Partners, a new investor in the Company, contributed â‚¬ 7.5 million (DKK 56 million, US$ 11million) of the financing, with the remaining â‚¬12.9 million (DKK 96 million, US$ 19 million) provided by a strong international syndicate of existing investors, including BankInvest, Novo, LD, Forbion Capital Partners, Global Life Science Venture, Sunstone Capital, Seventure, Omega, Innovation Capital and members of the Companyâ€™s board and management.
In connection with the financing Edwin de Graaf from Gilde Healthcare Partners will join the Board of Directors of Santaris Pharma.
The proceeds of the financing will be used primarily to fund continued development of Santaris Pharmaâ€™s pipeline of innovative RNA antagonist drug candidates based on its breakthrough LNA chemistry.Â In 2008 the Company expects to advance its SPC2996 compound, an RNA Antagonist of Bcl-2, into Phase II clinical trials in Chronic Lymphocytic Leukaemia and B-cell Lymphoma and to initiate phase I volunteer studies of two new RNA antagonists for the treatment of metabolic disorders.
Following the completion of the Series C Financing Round the Companyâ€™s cash reserve is more than â‚¬ 40 million.
In announcing the Series C Financing, Keith McCullagh, Santaris Pharmaâ€™s CEO, said:
â€œWe are delighted to welcome Gilde Healthcare Partners as a new shareholder in Santaris Pharma. This Series C financing provides the Company with an additional â‚¬20m of cash reserves, sufficient to fund operations through to the end of 2009 without additional financing or income from new corporate collaborations.Â I am also pleased to say that our existing investors, together with all members of the management team and several members of our Board, have also invested in this round.â€Â
Edwin de Graaf, General Partner of Gilde Healthcare Partners, said:
â€œGilde Healthcare Partners invests in biopharmaceutical companies with strong technology platforms and experienced management. In our view, Santaris Pharma is well positioned to become a leader in the RNA inhibition field. We are impressed by how quickly they have built a highly promising pipeline of products, which will be validated in the clinic using the proceeds of this financing round.â€
- Ends -
Santaris Pharma Forward-Looking Statements
This written announcement containsÂ forward-looking statements, identified by the use of words such as "believes," "expects," "may," "will," "should", "potential," "anticipates," "plans" or "intends" and similar expressions. Such forward-looking statements involve risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from the future results, events or developments indicated in this announcement. Such factors include, but are not limited to the timing, success and cost of clinical studies; the ability to obtain regulatory approval of products, market acceptance of and future demand for Santaris products and the impact of competitive products and pricing.Â These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All information in this press release is as of the date of this press release and Santaris does not intend to update this information.