Promethera Biosciences SA, which is developing a therapy for liver disease using allogeneic stem cells derived from healthy adult human livers, has raised €23.6 million in a series B financing round that included four corporate investors.
Celtic Therapeutics Management LLLP, the New York offshoot of Celtic Pharma, has launched a Swiss-based company to develop antibody drug conjugates (ADCs) in order to take advantage of the growing participation of major pharmaceutical companies in this sector.
Addex Pharmaceuticals Ltd has announced positive top-line data from a Phase 2a trial of an allosteric modulator for the treatment of levodopa-induced dyskinesia in patients with Parkinson’s disease. Full data will be disclosed at a meeting later in 2012.
Evotec AG illustrated in 2011 that it is possible to out-perform the biotech sector by pursuing a drug discovery model that exploits Big Pharma’s need to outsource R&D. Revenue at the German company increased by 45% and net profit more than doubled.
Index Ventures has announced the launch of a new €150 million fund to support early-stage, research intensive companies in the life science sector. Significantly, the fund is being financially supported by GlaxoSmithKline Plc and the venture capital affiliate of Johnson & Johnson Inc. Representatives from both multinationals will sit on the fund’s scientific advisory board.
Two UK institutions have stepped up their support for gene therapy with a £3.1 million award to a consortium that is investigating an experimental treatment for cystic fibrosis. The therapy is poised to enter Phase 2 development.
ThromboGenics NV of Belgium has partnered its lead drug for sight impairment with the Alcon division of Novartis for potential fees of €375 million. Under the agreement, Alcon obtains marketing rights for Ocriplasmin (microplasmin) outside the US.
Zealand Pharma A/S became profitable in 2011 as its lead product for Type 2 diabetes reached the registration stage.The Danish enzyme-oriented biotech reported a 94% rise in revenue and other operating income to DKK 171 million and a 12.8% decline in operating expenses.
Therapies derived from human embryonic stem (hES) cells promise to be the most stable and cost-effective modality for future medicines and deserve support from public and private funders, according to a commentary in The Lancet.
Elan Corporation Plc of Ireland said that it has received a net $381 million from the sale on the US Nasdaq market of 76% of its holdings in Alkermes Plc, a biopharmaceutical company with headquarters in Dublin and an R&D center in Waltham, Massachusetts, US.