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SuppreMol Closes EUR 15.7 M Series B Financing Round



7/14/2008 7:04:40 AM

Martinsried/Munich, Germany, July 14, 2008 -- SuppreMol GmbH, a privately held biopharmaceutical company developing novel therapeutics for the treatment of autoimmune diseases, today announced that it has closed a EUR 15.7 million Series B financing round. Lead investors are MIG AG (Munich, Germany), and BioMedInvest AG (Basel, Switzerland). Santo Holding GmbH (Stuttgart, Germany) and the existing investors ZETACUBE s.r.l. (Bresso, Italy), KfW Mittelstandsbank (Bonn, Germany), Bayern Kapital GmbH (Landshut, Germany) and Max-Planck-Gesellschaft e.v. (Munich, Germany) also participated in the round.

SuppreMol will use the proceeds to advance its lead product SM101, a recombinant human soluble Fc-gamma receptor IIb, for the treatment of idiopathic thrombocytopenic purpura (ITP) to proof-of-concept in humans. ITP is a serious bleeding condition characterized by defective blood clotting due to a decreased number of platelets. SM101, which has been granted orphan medicinal product designation in the European Union, is scheduled to enter Phase I clinical studies in the first quarter of 2009.

Many autoimmune diseases start by the formation of so-called immunocomplexes that bind to immune cells, a process that is mediated by cellular Fc receptors. SuppreMol’s approach to prevent this binding via soluble Fc receptors might represent a breakthrough in the treatment of autoimmune diseases. Rather than interfering with isolated components of the cascade, SuppreMol’s therapeutic strategy aims at preventing the triggering of the cascade altogether. As a result, the feedback loop of autoantibody production, immunocomplex formation and restimulation of immune cells is inhibited. In consequence, inflammation, organ damage and additional immunological activation are prevented.

„The financing round is an important milestone for us, as it extends our runway well into 2010”, said Peter Buckel, CEO of SuppreMol. “Our approach is met with considerable interest already from the pharmaceutical industry. However, we believe that the present financing round provides us with an opportunity to create greater value by advancing the compound to Phase II proof-of-concept in man ourselves.”

Dr Markus Hosang, General Partner at BioMedInvest and a new member of SuppreMol´s Board of Directors, agrees: “ We are excited about the prospects of the SuppreMol technology, and in particular of the soluble Fc-gamma receptor IIb, as it has the potential to treat in a causal manner not only ITP, but a number of autoimmune diseases and related disorders including rheumatoid arthritis”.

Contact Dr Peter Buckel, CEO SuppreMol GmbH Am Klopferspitz 19 D-82152 Martinsried/Munich / Germany Germany Tel +49 (0)89 30 90 50 680 Fax +49 (0)89 30 90 50 68 68 info@suppremol.com www.suppremol.com


Read at BioSpace.com


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