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Axxima Pharmaceuticals AG Completes € 10 Million Financing Round


10/19/2005 5:08:51 PM

Munich, Germany - Axxima Pharmaceuticals AG closed today a new private financing round of € 10 million. The investment was led by Techno Venture Management (TVM), Munich, who already led two previous financing rounds of the drug discovery and development kinase company leading the field of treatment of infectious diseases and cancer. Axxima has now received a total of € 64 million from German and international investors. The new investment will allow Axxima to initiate pre-clinical and clinical studies for its existing projects in infectious disease treatment and to embark on two cancer projects with its proprietary kinase inhibitors that have been developed with the application of Axxima's Masterkey technology for fast optimization of kinase inhibitors for novel pharmaceutical applications.

"We are very proud that our investors continue their strong commitment with our company", says Dr. Yoram Karmon, CEO. "Together with our shareholders we built the foundation to successfully face coming strategic decisions and achieve important milestones."

"Axxima is now in a strong position not only to achieve important milestones in their product development roadmap, but also to win strategic partners in relevant markets", states Dr. Alexandra Goll, General Partner at TVM. "The integrated biology and chemistry approach, also known as KinaTorÒ and Masterkey concept uniquely position the company in the space of generating first in class kinase inhibitors."

Signal Transduction Firewall® - Axxima´s revolutionary therapeutic strategy

Axxima® Pharmaceuticals AG is a unique drug discovery and development company leading the field of kinase inhibition by the application of its Masterkey approach and the Kinator® proprietary kinase selection technology for the generation of a completely new spectrum of small molecule drugs, with novel mechanisms of action, to address the market's urgent need for pharmaceutical solutions.The company is currently focussing on HIV, Hepatitis C, tuberculosis and cancer diseases. Axxima´s business strategy is to out-license products at defined development stages to customers in the pharmaceutical industry. Axxima started operations in 1998 and was founded by a group of experienced scientists, led by Dr. Axel Ullrich, a former leading scientist at Genentech and co-founder of Sugen Inc.The company currently employs a staff of 65, located at Axxima´s headquarter in Munich, and at its Hungarian subsidiary, Vichem Kft., in Budapest. Further information about Axxima can be found at www.axxima.com.

About TVM

Techno Venture Management (TVM), founded in 1983, is one of the first venture capital firms formed in Germany, and a leader in transatlantic venture investments. The German-U.S. venture capital company has offices in Munich and Boston. For many years, TVM has focused on information technology and life sciences, high growth sectors where innovation, effective management and sound financial backing have enormous impact on company growth. TVM funds have made investments in more than 200 technology companies in Europe and the United States. A pivotal objective is to create transnational businesses that enjoy access to science, management talent and capital on both sides of the Atlantic. Since 1983 TVM has raised over € 1 billion in five fund generations and has established itself as a leading technology investment group in Germany and the United States.

This press release contains forward-looking statements that involve risks and uncertainties. The forward-looking statements contained herein represent the judgment of Axxima Pharmaceuticals AG as of the date of this release. These forward-looking statements are no guarantee for future performance, and the forward-looking events discussed in this press release may not occur. Axxima disclaims any intent or obligation to update any of these forward-looking statements.

Editorial Contact:

Susanne Seige

Axxima Pharmaceuticals AG

Max-Lebsche-Platz 32

81377 München

Tel.: +49 (0)89-550 65-0

Fax: +49 (0)89-550 65-283

susanne.seige@axxima.com


Read at BioSpace.com


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