LUXEMBOURG, October 4, 2011 /PRNewswire/ -- Funds to Advance Development of Creabilis' First-in-Class Products
Creabilis SA, a clinical stage European biotechnology company addressing unmet medical needs in dermatology, inflammation and pain, has raised €15 million ($20 million) in a Series B funding round led by Abbott Biotech Ventures. Existing investors Neomed and Sofinnova Partners, as well as private Italian investors, joined the round. The new funds will be used to finance the development of the company's first-in-class treatments, including its lead product CT327 to the end of phase II.
CT327 is a novel topically applied TrkA kinase inhibitor developed using Creabilis' Low Systemic Exposure (LSE) technology. Positive efficacy of CT327 has been seen in two Phase IIa studies, in both psoriasis and atopic dermatitis, in which CT327 was well tolerated and demonstrated a good safety profile. CT327 is also in development for the treatment of pain, with proof-of-concept trials currently underway.
The company's pipeline also includes CT637, a new approach to the treatment of significant inflammatory and autoimmune conditions and CT340, a potent TrkA kinase inhibitor that has therapeutic potential in a broad range of inflammatory conditions. CT637 and CT340 are anticipated to reach Investigational New Drug application (IND) stage of development in early 2012.
Dr Eliot Forster CEO of Creabilis said: "This new funding reflects the medical importance and significant commercial potential of our drugs pipeline. In Abbott Biotech Ventures, we have added another leading life science investor into the Company. Their involvement, and the ongoing support of our existing investors, demonstrates their confidence in the Company and in our ability to drive our projects forward."
For further information please contact:
5 rue Jean Monnet L-2810 LUXEMBOURG
Citigate Dewe Rogerson
Chris Gardner or Nina Enegren
About Creabilis SA
Creabilis is a clinical-stage European biotechnology company creating innovative new drugs to tackle unmet medical needs in dermatology and inflammatory diseases. Bringing together world class drug development capabilities and a rich scientific heritage, Creabilis is uniquely positioned to transform the treatment of its target diseases.
Creabilis' lead product is CT327 a novel topically applied TrkA kinase inhibitor developed using the Company's Low Systemic Exposure (LSE) technology. CT327 is currently in Phase II clinical trials in psoriasis and atopic dermatitis and is undergoing proof-of-concept studies in pain. CT340 is a potent TrkA kinase inhibitor under development for the treatment of conditions in which TrkA kinase inhibition is indicated, including inflammatory arthritis, and pain. The Creabilis portfolio also includes CT637, a new approach to the treatment of significant inflammatory conditions, such as rheumatoid arthritis. Earlier-stage projects include a number of highly promising candidates for dermatological and wider indications.
Creabilis is backed by some of Europe's most highly respected life sciences investors including Sofinnova Partners, Neomed and Abbott Biotech Ventures.
For more information, please visit: http://www.creabilis-sa.com