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Press release BoxID: 102661 (GANYMED Pharmaceuticals AG)
  • GANYMED Pharmaceuticals AG
  • Freiligrathstrasse 12
  • 55131 Mainz
  • http://www.ganymed-pharmaceuticals.com

GANYMED raises Euro 33.7 Million in Series C Financing Round

To advance the Company's proprietary anti-cancer pipeline up to clinical proof-of-concept

(PresseBox) (Mainz, ) GANYMED Pharmaceuticals AG, a privately held cancer antibody company, has closed a Series C financing round totaling Euro 33.7 million (USD 45.5 million) in equity. The round, which was significantly over-subscribed, was led by VI Partners, a Swiss based venture capital firm, and was underwritten by Future Capital, Ingro Finanz, Landesbank Baden-Württemberg (LBBW), MIG, Nextech Venture, ONC Partners, Varuma and a consortium of mainly Swiss seasoned private investors.

In addition, Prof. Ugur Sahin was appointed to the position of Chief Medical Officer. His expertise, together with the new funds will be instrumental in advancing GANYMED's lead candidate GC182, a member of the Company's ideal antibody (iMAB) family, through Phase I/IIa clinical testing in gastric cancer. Moreover, the Company will progress its GT468 project into Phase I/IIa in a major cancer indication, and further expand and develop its pipeline of unique, cancer-specific targets and antibodies.

Dr. Rainer Wessel, CEO of GANYMED, comments: "We are very pleased to have attracted this group of seasoned investors. The substantial funding together with Prof. Sahin's extensive experience and expertise in the development of immunotherapeutics will enable us to make the transition into a clinical stage company by mid-2008, which will also substantially increase the value for our investors and partners."

Dr. Thomas M. Rinderknecht, Chairman of the Company's Supervisory Board, adds: "With this funding through top-tier investors from Switzerland and Germany, GANYMED is ideally positioned to fully exploit its unique technologies for the rapid development of highly specific and effective antibodies against multiple solid cancers."

Prof. Sahin says: "I am delighted about the outstanding support of GANYMED's investors and glad to take responsibility for the Company's pre-clinical and clinical development. We will focus on finalizing a Phase I/IIa study in gastric cancer with our GC182 iMAB lead, to show proof-of-concept in man, and we will further expand and advance our pipeline of potent iMAB antibodies that are directed against our uniquely specific solid cancer targets."

Prof. Sahin is a medical doctor and leading cancer immunologist with broad experience in clinical translational research, i.e. the translation of pre-clinical findings into the optimal design and management of clinical trials in humans. Together with GANYMED's CSO, Dr. Özlem Türeci, he will direct the Company's research and development programs.

GANYMED Pharmaceuticals AG

GANYMED Pharmaceuticals AG is a leading biopharmaceutical company offering smart antibody therapeutics for ideal targets in solid cancers. The Company's discovery engine is one of the most powerful integrated solutions to building an antibody cancer pipeline in the industry. This is because GANYMED has brought together arguably the strongest and most dynamic scientific team for translational medicine. With a world leading expertise in pinpointing highly specific proprietary targets, GANYMED is building a growing sustainable pipeline of antibody therapeutics targeting solid cancers with high medical need and large market potential. The Company's lead antibody is iMAB362, which will enter a clinical trial for metastatic gastro-esophageal carcinoma in Q4 2008. GANYMED also has five further antibody projects in development for breast, colorectal, lung, pancreatic and prostate cancers. GANYMED is a privately held company located in Mainz, Germany. For further information please visit www.ganymed-pharmaceuticals.com.