Symphogen secures €33m financing to support clinical development of
antibody products
16 February 2009
Copenhagen-based Symphogen A/S has announced the closing of €33
million (approximately US $44 million) financing. The financing will be
used to mature the company’s product pipeline of antibody therapeutics,
particularly within the field of oncology.
“This significant financial commitment from our current investors
demonstrates their confidence in Symphogen’s innovative pipeline and
antibody discovery and manufacturing technologies,” said Kirsten Drejer,
CEO of Symphogen.
“The current funding will support the advancement of our lead
oncology program, Sym004, towards early clinical studies as Symphogen
continues to build a competitive oncology franchise. Coinciding with our
strategic decision to focus our internal R&D resources on further
maturing our oncology pipeline, Symphogen also plans to broaden our
external collaborative activities by engaging in partnership discussions
for our anti-RSV and anti-RhD recombinant polyclonal antibody programs.”
Martin Edwards, Chairman of the Board of Directors, commented that, “Symphogen’s
cutting-edge technology platforms and pipeline of oncology antibody
therapeutics represent a promising approach to treating cancer. I
believe that the company has made significant progress in advancing
several of its antibody programs. Symphogen’s strong investor syndicate
remains committed to supporting the company’s continued pipeline
development and business strategy.”
About Sym004
Sym004 is a recombinant IgG1 antibody product consisting of two
antibodies against the epidermal growth factor receptor (EGFR). Similar
to marketed monoclonal antibodies, Sym004 inhibits cancer cells in vitro
by inhibition of ligand binding, receptor activation and downstream
signaling.
In addition, Sym004 induces rapid and efficient internalization and
degradation of the EGF receptor due to the simultaneous binding of full
length Sym004 antibodies to non-overlapping epitopes.
This removal of the EGF receptor leads to a superior anti-tumor
response of Sym004 as compared to marketed monoclonal EGFR antibodies in
vitro and in vivo. Preliminary safety data indicate that Sym004 has a
safety profile similar to marketed monoclonal antibodies and a full set
of regulatory toxicology studies have been initiated.
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