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Lumavita AG Announces New Funding



6/18/2009 11:18:40 AM

18 June 2009, Basle, Switzerland: Lumavita AG, the Swiss biopharmaceutical company specializing in novel anti-infectives for Women’s Health, announces today that it has raised CHF6m (€4m) in an extension to the Series A round the Company initiated in September 2008. The total raised in this financing round is CHF24m.

The new funds have been raised from new investor HealthCap and existing investor, Endeavour Vision. Both Magnus Persson of HealthCap and Olivier Valdenaire from Endeavour Vision will join Lumavita’s Board of Directors.

In March, Lumavita received preliminary marketing approval in Switzerland for its first product, FemiFect® (pentamycin), for the treatment of all three causes of vaginitis. The funds raised will be used to build Lumavita’s commercial partnering network for Femifect in anticipation of its submission and launch in more than 100 countries around the world beginning this year, and to finance two on-going development projects.

Dr Magnus Persson, partner at HealthCap, said, “Lumavita is uniquely positioned as a European biopharmaceutical company in that it is close to launching its first product, has a compelling pipeline focussed on Women’s Health and a world-class management team. HealthCap has followed the projects for some time and is delighted now to invest in Lumavita and to take an active part in its future success.”

Nicholas Benedict, CEO of Lumavita, said, “We have a very strong group of investors and will undoubtedly benefit from their input and support in growing our company. Our priorities are to gain FemiFect marketing approvals and launch the product in our target markets, alongside completing the development of both the high-dose formulation of FemiFect and of LMV-601, an anti-viral currently under evaluation for the treatment of cervical HPV.”

About Lumavita AG

Lumavita AG is a biopharmaceutical company focusing on novel anti-infectives for women’s health. Lumavita AG was founded in August 2008 and is engaged in globally targeted Development and Commercialisation activities for its proprietary product portfolio. In June 2009 Lumavita AG closed its Series A financing of CHF24m. The Series A investors were Atlas Venture, BB Biotech Ventures, BioMedInvest, Endeavour Vision and HealthCap. The Company’s product portfolio includes FemiFect® (pentamycin) a polyene macrolide with a unique spectrum of coverage for the treatment of vaginitis, and LMV-601, a first-in-class PC.

PLC inhibitor for the potential treatment of infection of the cervix caused by Human Papilloma Virus. A dose-optimized formulation of FemiFect® is in Ph IIb clinical development, and LMV-601 is in late-stage pre-clinical development. Lumavita AG is headquartered in Basle, Switzerland.

Please visit our website at www.lumavita.com


Read at BioSpace.com


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