PDC Biotech GmbH Announces Close of Series A Financing
Proceeds from the financing will be used to complete preclinical work and the first clinical study of the company’s lead compound, PDC31 which is being developed for the treatment of preterm labour and primary dysmenorrhea. The company is expecting to conclude the remaining preclinical work early in mid 2010 and then conduct the Phase I/II trial.
PDC31 is a peptide antagonist of the prostaglandin F2? (FP) receptor, the lead in a series of FP antagonists exclusively licensed to PDC Biotech GmbH from Theratechnologies, (TSX: TH), a Canadian biopharmaceutical company. Ms. Patricia Griffin and Ms Diane Kalina, co-founders of PDC stated: “We are delighted to have such outstanding investors who understand the potential of our company and who are able to provide the necessary capital to advance our programs despite the difficult financing market.”
The company was previously awarded €1 million in seed funding from the Austria Wirtschaftsservice (AWS) and a grant of €517,000 from the Zentrum für Innovation und Technologie (ZIT; an agency of the City of Vienna for promotion of innovation and technology). The total funds raised since inception amount to over €5.56 million (approx. CDN $8.9 million).