Affitech Raises NOK 86 million ($ 13 million) in Private Placement
Sunday April 9, 9:00 am ET
Fund Supports Pre-Clinical and Clinical Development of Lead Oncology Candidates
OSLO, Norway--(BUSINESS WIRE)--April 9, 2006--The human antibody company, Affitech AS announced today that it has raised a further NOK 86 million ($13 million) in a new private placement. The company will use the cash to carry out pre-clinical development of its several in-house discovered oncology antibody therapeutic candidates and to accelerate selection of some of the candidates for clinical studies. Affitech discovered the antibody candidates by using the Company's proprietary CBAS(TM) (Cell Based Antibody Selection) technology. The participants in the financing round included existing investors, Teknoinvest, Ferd Venture. Four Seasons Venture, and Braganza AS, along with a major new investment from Arendals Fossekompani.
Dr. Martin Welschof, CEO of Affitech, says, "This is a major recognition of the progress we have made in the last year. Our CBAS(TM) technology has enabled us to create an exciting pipeline of oncology candidates, which we now intend to take into clinic following the completion of pre-clinical tests. Our existing investors realise both the potential of these antibodies and the solid company platform that we have built for growth. This includes the recent renewal of the exclusive rights to the Breitling patent family, which hold a pivotal position in the human antibody therapeutic field. New investor Arendals Fossekompani was equally impressed by Affitech's progress in the human antibody field and their financial contribution is a definite endorsement of Affitech's current value and future potential. |
