Telormedix Secures Further Funding
BIOGGIO, Switzerland, Jan 10, 2012 (BUSINESS WIRE) -- Telormedix, a clinical stage biopharmaceutical company focused on TLR7 agonists in the treatment of cancer and inflammatory diseases, today announced that it has raised 7.5 Million CHF from existing investors Aravis Venture (Basel, Switzerland) and Proquest Investments (Princeton-San Diego, USA).
The money raised in this financing round will be used to further advance Telormedix's promising product candidates through preclinical and clinical trials. TMX-101, the Company's lead product, is in a Phase I/II clinical trial for the treatment of Non-Muscle Invasive Bladder Cancer (NMIBC). In addition, the Company achieved significant preclinical results in October 2011 for TMX-202, a compound developed for the safe and effective topical treatment of skin cancer. Telormedix also plans to use the funds to support the development of additional promising molecules.
Johanna Holldack, CEO of Telormedix, commented:
"With our lead product TMX-101 in clinical development and other promising drug candidates in the pipeline, these funds allow us to reach the next important milestones. I am particularly happy to get this support from our existing investors Aravis Venture and Proquest Investments. They have been very supportive during this financing round and they give a solid commitment to our visions for the future of treating bladder cancer and autoimmune diseases."
Jean-Philippe Tripet, managing partner and founder of Aravis, and chairman of the company said:
"We see significant value potential in the drug candidates Telormedix is working on and I am looking forward to working with the management team in taking the company forward to its next stage of development."
Dr. Alain Schreiber, General Partner at ProQuest Investments, added:
"We have been impressed with the rapid progress Telormedix has made in the last two years. We look forward to continued successful progress in the coming months and years."
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Telormedix ( www.telormedix.com ), founded in October 2007, is a biopharmaceutical company focused on targeted immunity and modulation of the innate immune system for treating cancer and autoimmune diseases. The Company's lead product, TMX-101, recently entered a Phase I/II clinical trial for the treatment of Non-Muscle Invasive Bladder Cancer (NMIBC). In addition, Telormedix is developing two TLR7-targeted molecules, TMX-201 and TMX-202, as a vaccine adjuvant. One of these molecules, TMX-202, has recently been selected for preclinical study for the topical treatment of skin cancers and other indications. The candidate has already successfully completed a number of in vivo studies.
Located in Switzerland, Telormedix is led by a highly experienced management team and backed by an international consortium of venture capitalists Aravis Venture (Basel, Switzerland) and Proquest Investments (Princeton-San Diego, USA).
Notes for editors:
About Aravis Venture:
Aravis is a Switzerland based venture capital organisation managing two funds focused on life science (Aravis Biotech I & II) and a third fund focused on renewable energy (Aravis Energy I). Since 1995 the Aravis management team have invested over $600 million in more than 80 companies.
As well as providing venture capital backing, Aravis also takes a hands-on approach to highly promising companies offering a unique international network that combines decades of experience in science, operations and financing.
With a disciplined investment process and Aravis' hands on approach in supporting management, the companies that Aravis has invested in have shown a comparatively low failure rate and many have grown to become some of the leading companies in their fields.
About Proquest Investments:
Founded in 1998, ProQuest Investments is a healthcare venture capital firm with over $875 million under management. We have 12 deal professionals and three offices, our headquarters in Princeton, and additional offices in San Diego and Montreal.
We invest in healthcare companies seeking financings ranging from seed to late-stage. Our portfolio reflects the rich diversity of the healthcare industry and exemplifies our commitment to fostering the growth of exceptional businesses. In addition to our breadth of experience across many sectors of the healthcare industry, we have special expertise in therapeutics, where innovations in drug discovery technologies and molecular analysis are transforming an enormous unmet medical need. With a proven superior track record and over 60 investments in such diverse therapeutic categories as oncology, pain and infectious disease, ProQuest Investments seeks to build long term, mutually beneficial partnerships with outstanding entrepreneurs.
At the end of 2006, ProQuest Investments closed its fourth fund of $425 million.