Date: 2015-06-23
Type of information: Financing round
Company: Advanced Accelerator Applications (France)
Investors: Adage Capital Management (USA - MA) funds and accounts managed by T. Rowe Price Associates (USA - MD) and Rock Springs Capital Management (USA - MD)
Amount: €23 million
Funding type: financing round
Planned used: Advanced Accelerator Applications is focused on the development and the commercialisation of molecular imaging products (PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) products) and personalized medicines for the treatment of diseases such as cancer. The funds will be used to finance Lutathera®\'s development and the continued progress of the company\'s molecular nuclear medicine pipeline. Lutathera® is currently in Phase III clinical trials in 51 clinical centers in the US and EU for the treatment of gastroenteropancreatic neuroendocrine tumors. Enrollment was completed in February 2015 and the number of events necessary to meet the primary endpoint has been reached. Results of the NETTER-1 trial for Lutathera will be presented during the ESMO European Cancer Congress in September 2015. In July 2015 the Company also plans to file a New Drug Application (NDA) with the FDA for Somakit, Lutathera’s companion diagnostic. Somakit is a novel pharmaceutical kit for radiolabeling somatostatin analogue peptides to help diagnose NET lesions using Positron Emission Tomography (PET). A filing to the European Medicines Agency (EMA) will follow later in the summer.
Others: * On June 23, 2015, Advanced Accelerator Applications, an international specialist in molecular nuclear medicine,announced that it has completed a capital increase of €23 million (approx. $26 million), led by Adage Capital Management, LP (Adage). Alongside Adage as new investors in AAA are certain funds and accounts managed by T. Rowe Price Associates, Inc., and Rock Springs Capital Management LP.
Therapeutic area: Cancer - Oncology - Diagnostic - Technology - Services
