PanGenetics Raises $34 Million in Series C Venture Capital Financing

PanGenetics B.V. recently announced that the company has closed a series C financing round in which it raised a total of 23 million Euro (approximately US$34 million). The round was led by Edmond de Rothschild Investment Partners (EdRIP), with participation from Biogen Idec New Ventures and Fortis Private Equity, as well as existing series B investors Index Ventures, Forbion Capital Partners and Credit Agricole Private Equity.

The capital raised represents one of the largest private rounds in the Dutch biotech industry, and will fund the clinical progression of PanGenetics’ therapeutic antibody programs PG102 and PG110, as well as progressing programs at an earlier stage. A phase I study of the company’s CD40 antagonist PG102 in psoriatic arthritis patients is expected to start mid year. The chimerical version of the molecule has already been successfully evaluated in an open label study in Crohn’s Disease patients, and the planned double blind, placebo controlled single ascending dose study will read out in the middle of 2009. PG110, a humanized antibody targeting nerve growth factor (NGF), is currently in full preclinical development, after which it will enter a double blind, placebo controlled study in patients suffering from chronic pain. The design of this study will be geared towards clinical proof of concept and results are anticipated in late 2009.

Raphal Wisniewski, who will join the supervisory board of PanGenetics on behalf of EdRIP, commented: “We are very excited to lead this new round of financing. This highly experienced management team has a unique expertise in the therapeutic antibody development field. PanGenetics, which has built a very attractive product pipeline, optimally fits with our current portfolio with robust product candidates entering clinical development.” Kevin Johnson, CEO of PanGenetics, added: “We were fortunate to have high demand in this financing round and are delighted to welcome our new investors, all of whom bring significant sector expertise.”

Biogen Idec New Ventures is also an investor in this round. Biogen Idec has longstanding expertise in the CD40 pathway, the target of PG102, PanGenetics’ lead molecule. John Dunn, EVP of Biogen Idec New Ventures, commented: “Clearly Biogen Idec’s investment in PanGenetics speaks to our continued belief in the importance of this pathway.”

EdRIP and Biogen Idec New Ventures are joined in this round by Fortis Private Equity who is an active biotech investor both via direct investments in the Benelux as well as via an international portfolio of top-quartile life sciences funds. The Fortis group is one of the most active in the Benelux biotech industry and beyond, which is underscored by the fact that the investment banking group of Fortis has been successfully managing the public offerings of several biotech companies on Euronext.

PanGenetics is headquartered in Utrecht, The Netherlands with an office near Cambridge in the UK. The company specializes in taking antibodies at the late research stage through to clinical proof of concept. The company employs a lean business model with most development activities outsourced to specialist providers in Europe. The most advanced programs of PanGenetics are PG102, a CD40 antagonist that has already shown promise in an open label Crohn’s study, and PG110, an anti-Nerve Growth Factor antibody for use in chronic pain. The company’s management, board and advisors comprise many of the world’s leading antibody developers.

For more information, please visit www.pangenetics.com