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KeyNeurotek Pharmaceuticals Completes € 8.2 Million ($ 10.8 Million) Series C Financing Round



4/7/2009 11:33:55 AM

Magdeburg, April 7, 2009 – KeyNeurotek Pharmaceuticals AG, a biotechnology company focused on the development and marketing of drugs against autoimmune diseases and degenerative disorders of the central nervous system (CNS), today an- nounced the successful second closing of its Series C financing round. The total vol- ume of the round amounts to € 8.2 million.

All existing main investors, DVC Deutsche Venture Capital (Munich), IBG Be- teiligungsgesellschaft (Magdeburg) and KfW (Bonn) have participated in this round. DVC Deutsche Venture Capital was acting as lead investor. Jürgen Gerlach, Manag- ing Partner at DVC, has replaced Dr. Alexander Asam on KeyNeurotek’s Supervisory Board. Both the company's management team and its Supervisory Board members thank Dr. Asam for his exceptional commitment during the past years.

The funds are being used to advance KeyNeurotek’s diversified clinical product port- folio addressing major and unmet medical needs such as traumatic brain injury (TBI) and aconuresis (urinary incontinence). The company’s lead compound KN38-7271, a dual cannabinoid CB1/CB2 receptor agonist, is currently investigated in a multina- tional Phase-IIa-Study in comatose TBI patients to prove its clinical safety and toler- ability. Furthermore, KeyNeurotek Pharmaceuticals is hoping for therapeutic efficacy signals. Study results are expected this summer. KN38-7271 has been granted Or- phan Drug Designation by the European authorities. For its second clinical product candidate KN203, a µ-opioid receptor agonist with distinct effects on bladder muscle contraction, the company is preparing for a Phase IIa / proof-of-concept trial in 180 patients with urinary incontinence or overactive bladder.

Jürgen Gerlach, Managing Partner of DVC, said: „KeyNeurotek has successfully executed its strategy to build a promising clinical portfolio of CNS drugs in difficult times, and we therefore are very committed to support the further development of the company and its projects."

Dr Frank Striggow, CEO of KeyNeurotek Pharmaceuticals, commented: „Of course, we are extremely pleased about being able to close this important transaction during challenging times. Based on our leading product and technology profile, this investment will enable us to achieve further value creating milestones."

About KeyNeurotek Pharmaceuticals AG

KeyNeurotek Pharmaceuticals, a privately held biotechnology company, was founded in 2000 within the Magdeburg, Germany, region, one of the leading centers of neuro- science in Europe.

The company pursues a number of drug candidates in various preclinical and clinical stages. The most advanced compound, KN38-7271, a cannabinoid receptor agonist, is in a Phase IIa trial in comatose patients with traumatic brain injury. At present, there is no targeted therapy for these patients.

KeyNeurotek Pharmaceuticals has unique functional and tissue-based high through- put screening platforms for compatible ex vivo and in vivo studies (TELOMICSTM). Based on its know-how, KeyNeurotek develops innovative therapies for the treatment of various neurodegenerative diseases of the central nervous system, such as trau- matic brain injury (TBI), stroke, Alzheimer's disease and urinary inconti- nence/overactive bladder.

The company has built a strong network with renowned local and international part- ners, including, among others, the Leibniz Association, the Max Planck Society and Fraunhofer Society, Evotec, Schwarz Pharma/UCB, Bayer Schering and Gruenen- thal. KeyNeurotek Pharmaceuticals has been awarded the Hugo-Junckers Innovation Award of the State of Sachsen-Anhalt in 2002 and 2004 and the Innovation Award of the German Industry in 2006.


Read at BioSpace.com


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