vasopharm Closes Series F Financing Round
- Company receives additional €5 million for preparation of Phase III study -
Wuerzburg, Germany; June 24, 2013 – vasopharm GmbH, a privately held biopharmaceutical company focusing on novel therapeutics for the treatment of cerebro- and cardiovascular diseases, today announced the successful completion of a Series F financing round totalling €5 million (~ US$6.5 million). The round was led by existing investors HeidelbergCapital Private Equity and Entrepreneurs Fund (EF Investments S.à.r.l.). Bayern Kapital, another existing investor, also participated in the Series F round. The consortium was joined by new investors Hanseatic Asset Management LBG and Dr Andrew Clark, Chairman of the Board of vasopharm. The new consortium also acquired the shares of one of the founding investors seeking to exit.
The proceeds of this round will be used primarily for the preparation of a Phase III clinical study of the company's lead compound VAS203, an allosteric nitric oxide synthase inhibitor under development for the treatment of traumatic brain injury (TBI). The compound has met all clinical endpoints for safety and demonstrated strong evidence of clinical benefit in the Phase IIa European NOSTRA trial completed in 2012. Detailed results of the trial will be published soon in a peer-reviewed journal.
"We have now established a consortium of investors dedicated to bringing vasopharm's lead product candidate into a registration Phase III trial," said Dr Andrew Clark, Chairman of the Board of vasopharm. "VAS203 has already shown remarkable clinical results and may well represent a major breakthrough in the treatment of traumatic brain injury."
"VAS203 has demonstrated safety and tolerability in two clinical Phase I studies with single and repetitive dosing schedules," added Christian Wandersee, CEO of vasopharm. "In the Phase IIa NOSTRA trial, we also observed a significant improvement in recovery of patients in the drug group. We will now take all the necessary steps to prepare for a Phase III trial that meets the expectations of patients, clinicians, the regulatory and reimbursement agencies, as well as potential pharma partners."
About traumatic brain injury:
TBI is a condition with substantially unmet medical needs. It is the leading cause of death and disability among young adults in the developed world. TBI accounts for more potential years of life lost than cancer and cardiovascular disease combined. Approximately 1.7 million Americans suffer some degree of traumatic brain injury per year, resulting in 52,000 deaths, 275,000 hospitalizations, and 80,000 cases of long-term disability. Not only does TBI lead to great personal suffering and family disruption, but it poses a significant burden to society. The direct and indirect costs of TBI total an estimated US$76.5 billion per year in the United States alone.
vasopharm is a biopharmaceutical company dedicated to the discovery and development of novel therapeutics for the treatment of cerebro- and cardiovascular diseases and their consequences. In this area, the company is focused on the development of therapeutics influencing the bioavailability of nitric oxide (NO), a cellular signalling molecule involved in many physiological and pathological processes. vasopharm's drug candidate VAS203 is an allosteric NO synthase inhibitor and represents a completely new class of modulators of nitric oxide synthase (NOS) enzymes. It rapidly lowers excessive NO production in cerebral vessels and tissues, thereby preventing life-threatening increases in intracranial pressure and associated inflammatory processes following traumatic brain injury.
For further information, please contact:
Christian Wandersee, CEO
Email: [email protected]
Dr Ludger Wess / Ines-Regina Buth
Tel. +49 40 88 16 59 64
Tel. +49 30 23 63 27 68