PanGenetics BV Closes Series B Financing and Announces Board Appointments
UTRECHT, Netherlands and CAMBRIDGE, England, March 27 /PRNewswire/ --
- Dr. Kevin Johnson, Former Cambridge Antibody Technology Executive, Joins as CEO
PanGenetics BV, a company devoted to the clinical development of therapeutic
antibodies, today announced the closing of an oversubscribed euro 13 million series B round led by ABN AMRO Capital, with participation from Credit Agricole Private Equity and Series A seed investor, Index Ventures. The company also announced the appointment of Dr. Kevin Johnson, former board member and CTO at Cambridge Antibody Technology, as Chief Executive Officer.
The funds will enable PanGenetics to continue clinical development of its human CD40 antagonist, PG102, with a view to filing an IND Q1 2007. An earlier version of this antibody has already been in an open label clinical trial, where it showed safety and signs of efficacy. The company will conclude in-licensing of additional drug candidates, as well as hire additional senior management to complement the wealth of antibody development expertise already present in the company. Antibodies have an enviable track record in both safety and return on investment and many of the world's largest biotech companies are now dependent upon them.
The financing coincides with the appointment of Dr. Kevin Johnson as CEO. Geert-Jan Mulder, MD of ABN AMRO Capital, and Philippe Guinot, MD, PhD of Credit Agricole Private Equity will join the Supervisory Board.
Dr. Johnson, PanGenetics' CEO, said, "I am genuinely delighted to welcome our new investors into the company. Geert-Jan Mulder and Philippe Guinot are both clinicians, making the PanGenetics board unusually well configured for making its most important strategic decisions -- those concerned with clinical development."
Geert-Jan Mulder, MD, said, "ABN AMRO Capital, Life Sciences is proud to lead this exciting investment opportunity and confident that the first-rate management team of PanGenetics will build an optimal NRDO (no research development only) strategy towards establishing a new and successful company in the field of antibodies. We aim to build a portfolio that provides future and exciting opportunities for clinicians to treat current unmet medical needs and are delighted to be joined in this investment by such prominent investors as Credit Agricole Private Equity and Index Ventures."
About PanGenetics BV
PanGenetics is headquartered in Utrecht, The Netherlands with an office near Cambridge in the UK. The company specialises 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, due to the wealth of specialist providers in Europe. The most advanced candidate is a CD40 antagonist that has already shown promise in an open label phase Ib/IIa Crohns study. The company's Management, Board and Advisors comprise many of the worlds leading antibody developers. Dr. Kevin Johnson, CEO, was a member of the startup team at Cambridge Antibody Technology, where he directed research and new therapeutic product development, including Humira, the first fully human monoclonal antibody drug to reach the market. He was a member of the main Board and part of the management team that listed CAT on the LSE (main market) prior to joining Index Ventures as a Venture Partner. For further information, go to www.pangenetics.com. |
