HEIDELBERG, Germany, April 4 /PRNewswire/ -- Affimed Therapeutics, AG, a leading developer of next generation antibody therapeutics, announced today the closing of a EUR 25 million (US $ 32 million) Series B financing to enable the Company to fund the clinical development of its lead products.
This round was led by a global syndicate of new investors from both US and Europe including BioMedInvest, OrbiMed Advisors, LLC and Life Sciences Partners (LSP) as well as the existing investor firstVentury.
Based on its proprietary TandAb(TM) tetravalent antibody format the Company will focus on their two clinical lead programs, a TandAb for the treatment of Hodgkin's disease and another for the treatment of Non-Hodgkin's Lymphoma (NHL). Affimed also plans to advance additional pre-clinical antibody programs in various other oncology and anti-inflammatory indications.
"Attracting these top-tier international investors represents a strong validation of Affimed's unique and highly versatile alternative approach to conventional antibody technologies as well as its advanced product pipeline. We are now in an excellent position to advance the clinical development of our lead antibodies into Phase II for the treatment of cancer," said Rolf H. GÃ¼nther, MD PhD, Chief Executive Officer of Affimed.
"We are pleased that the Affimed team has received this recognition from the international venture community" stated firstVentury Managing Partner George Rehm. We have always believed in the strength of the company and the innovative character of Affimed's antibody technology platform. With the assistance of our new investment partners we trust that Affimed will be able to swiftly move its first products into the clinic."
Gerhard Ries, PhD, General Partner at BioMedInvest, commented:
"Affimed has one of the largest proprietary libraries of therapeutic antibodies and some of the most versatile antibody formats in the industry. We are confident that Affimed is well positioned to deliver innovative next generation antibodies with novel properties for the treatment of cancer and inflammatory diseases of high unmet clinical need."
Michael Sheffery, PhD, General Partner at OrbiMed, added:
"Advancements in antibody engineering and technology offer a huge opportunity for a further strong growth in the monoclonal antibody market. With its proprietary TandAb antibody formats and its strong IP position Affimed is well positioned for growth in this exciting market."
Mark Wegter, General Partner at LSP said:
"We are convinced that Affimed has all the assets in place to become one of the future leaders within the European biotech industry. We are delighted to be able to support the Company and its management team in attaining this goal."
Gerhard Ries, PhD, General Partner at BioMedInvest, Michael Sheffery, PhD, General Partner at OrbiMed and Mark Wegter, General Partner at LSP will join Affimed's Supervisory Board.
Affimed's Chief Financial Officer Florian Fischer, M.B.A. (Dipl.-Kfm.), PhD, concluded, "We welcome Drs. Ries, Sheffery and Wegter to our Board. Collectively they bring valuable industry and drug development expertise as well as global networks within the pharmaceutical industry. That will prove to be important as we transition our antibody fragment therapeutic candidates from preclinical development into the clinic."
BIO-IB Inc. a New York based life science investment bank (www.bio-ib.com ) and MedVenture Partners, a Munich based healthcare and life science corporate finance and strategy advisory firm (www.medventurepartners.com), acted as advisors to the transaction.
About Affimed Therapeutics AG
Affimed is a private Heidelberg, Germany based biopharmaceutical company specialising in the development of recombinant antibodies - the fastest growing segment of the pharmaceutical industry. Affimed was founded in May 2000 by Professor Melvyn Little as a spin-off of his group >>Recombinant Antibodies<< at the German Cancer Research Centre in Heidelberg. By utilizing its broad portfolio of proprietary, in-house technology platforms together with crucial enabling freedom-to-operate licenses the company has been able to establish a pre-clinical product pipeline of promising novel product candidates mainly for indications in oncology and autoimmune diseases. To learn more about Affimed please visit www.affimed.com
About BioMedInvest AG
BioMedInvest is a leading independent European venture capital firm, providing private equity and mezzanine financing to early- to mid-stage healthcare and life-science companies. Since 2003, BioMedInvest has invested in nearly 20 highly innovative enterprises four of which have already successfully completed their IPO (Arpida AG, Santhera Pharmaceuticals AG) or have been acquired by leading companies in the industry (GlycArt Biotechnology AG) or by strategic investors (Thommen Medical AG). With more than CHF 150 million in capital under management and a strong team of experienced specialists with broad expertise and extensive scientific and financial networks, BioMedInvest has established itself as one of the leading early-stage healthcare investors in Europe. For additional information please visit: www.biomedvc.com
About OrbiMed Advisors, LLC
OrbiMed is a preeminent asset management firm focused on the global health sciences industry, with over $5 billion in assets under management across a family of venture capital funds, hedge funds and other investment vehicles. OrbiMed's investment advisory activities were founded in 1989 by Samuel D. Isaly with a vision to invest across the spectrum of healthcare companies from small privately-held firms to large multinational companies.
OrbiMed's investment team includes over 20 experienced professionals with backgrounds in science, medicine, finance and law. Our professionals work together in a collaborative, team-oriented approach. OrbiMed seeks to be the capital provider of choice for life sciences companies pursuing growth and new opportunities. Where appropriate, particularly within its venture capital activities, OrbiMed supports its invested companies in achieving strategic, financial and operational objectives via participation at the Board of Directors level. OrbiMed professionals currently serve on the Board of Directors of many different life sciences companies. Further information on OrbiMed is available at www.orbimed.com
About Life Science Partners
LSP (Life Sciences Partners) is a leading independent European venture capital firm, providing private equity financing to early- to mid-stage life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With EUR 400 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced specialist life-science investors. Further information on Life Science Partners is available at www.lspvc.com
firstVentury was established in 2000. With the support of SAP founder Klaus Tschira, firstVentury has become a leading venture capital company in Germany. firstVentury invests in high-tech companies with the potential to scale into international markets, particularly North America. Its main focus is on converging technologies that combine innovations in life sciences/medical engineering with information technology. In its first fund, firstVentury has invested in 18 companies. Its second fund, had a first closing at over EUR 40 million, in October, 2007. firstVentury approach is transatlantic, drawing on its San Francisco subsidiary, as well as personal contacts and business connections, to support its portfolio companies as they expand into the important US market. Further information on firstVentury is available at www.firstventury.com
Source: Affimed Therapeutics AG
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