ProFibrix Secures Funding for Progression of Lead Product Into Late Stage Clinical Development and Announces Management and Supervisory Board Appointments
LEIDEN, The Netherlands and SEATTLE, May 3, 2011 /PRNewswire/ -- ProFibrix B.V., a leader in the development of innovative products that help stop bleeding (hemostasis) after surgery, today announced the successful closing of a series B follow-on financing. In conjunction with the financing and to support the company's next stage of development towards commercialization, ProFibrix also announced several management and Supervisory Board appointments.
The Supervisory Board will be chaired by independent director Leonard Kruimer, Chief Financial Officer of Crucell. Over the past decade, Mr. Kruimer has been instrumental in building Crucell from an entrepreneurial start-up into a global vaccine company, taking the company public and leading a number of large and successful M&A transactions. Also joining the Supervisory Board as an independent director is Vic Schmitt. Mr. Schmitt has been a long-time senior executive at Baxter International, a key player in the hemostasis market, where he last served as President of Venture Management.
In addition to these high profile appointments to the Supervisory Board, Jan Ohrstrom, has been named Chief Executive Officer. Before joining ProFibrix, Dr. Ohrstrom was a senior executive at ZymoGenetics, where he was responsible for the development of several products, and a member of the team that took the company public. Dr. Ohrstrom started his career at Novo Nordisk. Jaap Koopman, founding CEO of ProFibrix, will become Chief Scientific Officer.
In addition to the private funding the company was awarded a government credit, bringing the total new funds available to the company for the progression of Fibrocaps(TM) to EUR 15 million (USD 22 million). New investors Vesalius Biocapital and INKEF Capital co-led the financing round, while existing investors Index Ventures and Gilde Healthcare Partners also participated. Alain Parthoens from Vesalius Biocapital, Dirk Kersten from Gilde Healthcare Partners, and Francesco De Rubertis from Index Ventures will also hold seats on the board of ProFibrix.
The proceeds of the financing will be used to progress the company's lead product Fibrocaps into late stage clinical development, as well as to support the company's other pipeline programs. Fibrocaps is currently being investigated in a prospective, multi-center Phase II study in multiple surgical indications at up to 20 sites, including major U.S. and Dutch academic medical centers. If this study confirms the positive results of the first Phase II trial, ProFibrix anticipates initiating a pivotal Phase III trial in early 2012, and file for approval by the U.S. Food and Drug Administration in early 2013.
Jan Ohrstrom, MD, said: "We are very pleased to welcome Vesalius Biocapital and INKEF Capital to our investor base. Our successful financing and strengthened Supervisory Board and leadership team should put ProFibrix in an excellent position to continue the development of Fibrocaps and prepare for its commercial launch. We would like to extend our gratitude to the parting board members for their contribution and commitment to the early development of ProFibrix."
Jaap Koopman said: "Jan Ohrstrom has played a key role in transitioning ProFibrix to a market-focused company. He has the capabilities and skills to take ProFibrix through its next stages of growth to become a leading hemostasis company. I look forward to seconding him in his new role as CEO, and to continue to contribute to the development of new products based on our fibrinogen technology platform."
Fibrocaps is based on a mixture of two essential blood clotting proteins, fibrinogen and thrombin, and is a unique dry powder topical tissue sealant that rapidly stops bleeding after or during surgery. Fibrocaps has major advantages over existing liquid tissue sealants: it is ready for immediate use, is stable at room temperature, highly effective and fast acting.
ProFibrix (http://www.ProFibrix.com) was founded in 2004 and is headquartered in Leiden, The Netherlands, with a subsidiary in Seattle, WA, USA. The company leverages its expertise in fibrinogen technology to develop and market innovative products for the hemostasis and regenerative medicine markets. Human fibrinogen plays a pivotal role in blood clotting and tissue healing. ProFibrix is led by a team with extensive commercial, clinical and scientific experience in the hemostasis field.
About Vesalius Biocapital
Vesalius focuses on the creation, financing and growth of early-stage life science companies. The managed Vesalius funds invest in areas with a high unmet medical need and a significant profit potential: new therapeutics, cutting-edge medical devices, innovative drug delivery technologies and diagnostic tests and instruments with a high utility level. The expertise of the team ranges from extensive investment and exit experience to corporate governance, operational experience, business development, research & development, and IP management in start-ups and mature life science companies. Furthermore, individual team members have in-depth technical insights and competitive scouting experience in the life science sector. For more information, please visit http://www.vesaliusbiocapital.com.
About INKEF Capital
INKEF Capital, founded in 2010 to create a new way of investing in start-ups, is an international alliance of two major pension funds, ABP from the Netherlands, and Canadian pension plan OMERS. INKEF Capital is investing in the knowledge economy of the future. The fund will invest from an early stage, and can continue to provide financing to successful investee companies all the way to a sale or an IPO. The fund's long term investment strategy is to achieve top quartile returns consistent with the risk profile of the investment class. For more information, please visit http://www.inkefcapital.com
About Index Ventures
Index Ventures is a leading pan-European venture capital firm dedicated to working with entrepreneurs who have the drive and ability to build world-class technology and life science companies. The Index Ventures team, which began investing in 1992, has a deep technology and scientific focus and the ability to leverage a network of cross-Atlantic strategic relationships. Index proactively seeks out the top entrepreneurial teams in each investment area and leverages its core assets in helping the entrepreneurs build their companies into global leaders. Index Ventures investors include leading technology firms and institutional investors. Previous investments include Pangenetics, Genmab, Aegerion, SGX Pharmaceuticals, Inc., ParAllele Bioscience and Molecular Partners. For more information, please visit http://www.indexventures.com.
About Gilde Healthcare Partners
Netherlands-based Gilde Healthcare Partners is a transatlantic venture and growth capital firm focused on private healthcare technologies and services. It has over EUR400 million under management and is actively looking to lead new investments in therapeutics, diagnostics, medical devices and services. Gilde successfully builds healthcare businesses across Europe and US, investing up to EUR15 million in a single portfolio company. By investing in companies with clear, achievable business models, Gilde has used its financial resources and network to create significant value for both its investors and the entrepreneurs it backs. For a list of Gilde's portfolio companies please visit the website at http://www.gildehealthcare.nl.