Date: 2011-01-06
Type of information: Private placement
Company: Symphogen (Denmark)
Investors: Novo A/S (Denmark Essex Woodlands (USA-UK) Danish Pension Fund PKA (Denmark)
Amount: €141 million
Funding type: placement of preferred stock to a group of investors
Planned used: Novo A/S led the round. Essex Woodlands Fund VIII joined previous investments made by Funds V and VI. Together, Novo A/S and Essex Woodlands are contributing 70% of the investment, which is scheduled to occur over three equal tranches. The Danish Pension Fund PKA also joined as a new investor. The € 100 million raised is the largest ever financing for a private European biotech company.Symphogen intends to use the proceeds to accelerate advancement of its lead clinical oncology product Sym004 as well as its other clinical and preclinical oncology opportunities both for proprietary pursuit and partnering. During 2010, Symphogen announced key milestones in several of its programs, including the initiation of Phase 1 trial of Sym004 in patients with advanced solid tumors. Sym004 has been shown to exhibit superior anti-cancer efficacy in vivo in a range of tumor xenograft models as compared to marketed monoclonal anti-EGFR antibodies by a mechanism of action that is distinct from that of monoclonal antibodies. Symphogen has also received an Orphan Drug designation for Rozrolimupab (Sym001) in ITP (Immune Thrombocytopenic Purpura). At the end of December 2010, the company has reacquired full development rights. Phase 2 data is expected to be reported late in 2011.
Others: * On May 2, 2013, Symphogen, a private biopharmaceutical company developing recombinant antibody mixtures, has announced that it has closed an expansion of its previously announced €100 million financing attaining a total of a €141 million placement of preferred stock to a group of existing investors. Novo A/S and PKA led the expansion with investments of €20 million each, while Danica Pension, participated with its pre-financing ownership share of the additional financing. The proceeds of the financing will be used to advance and expand Symphogen’s proprietary oncology product pipeline of antibody mixture products addressing multiple targets in a single drug product.
In conjunction with the financing, Dr. Anthony Tolcher, President and Co-Founder of START, joins Symphogen’s Board. Dr. Tolcher leads one of the world’s largest clinical Phase I and early drug development operations in cancer medicine with 3 locations in San Antonio Texas, Madrid Spain and Shanghai China.
Therapeutic area: Cancer - Oncology
