GANYMED breaks financing gloom with EUR 65 million raise
Dr. Rainer Wessel
President and CEO, GANYMED
As some biotech industry leaders contemplate survival strategies for weathering the financial crisis, GANYMED Pharmaceuticals AG sprang the news at BIO-Europe of closing a EUR 65 million round of financing. The round was led by ATS Beteiligungsverwaltung GmbH, Munich, which was joined in the financing by Future Capital AG in Frankfurt, MIG Verwaltungs AG in Munich and private investors.
According to Dr. Rainer Wessel, the company President and CEO, this funding will provide GANYMED with the means to rapidly develop its broad antibody pipeline directed against solid tumors. Clinical trials for the monoclonal antibody Claudiximab (iMAB362) against metastatic gastro-esophageal carcinoma will commence with a multicentre Phase Ib study in Germany in Q4 2008. A further five antibody projects are in preclinical development for breast, colorectal, lung, pancreatic and prostate cancers.
“The funds will not only support the clinical tests of our first antibody drug, but they will also allow us to considerably speed up and broaden our pipeline of highly cancer cell specific therapeutic antibodies,” added Wessel.
“This financing round emphasizes our profound confidence in GANYMED’s team and the company’s broad pipeline,” commented Helmut Jeggle, of ATS. “Because of the potential we see in the company, this is the appropriate step for a long term strategic positioning of GANYMED.”
Related Posts
No related posts.