STOCKHOLM, January 4, 2012 /PRNewswire/ --
Pharmalink AB, today announces it has raised SEK 35 million through a rights issue of new shares to the Company's existing shareholders, including Industrifonden.
The new funds will be used to further advance Nefecon® and Busulipo, Pharmalink's two lead product candidates. Nefecon is the first pharmaceutical product especially developed for patients with IgA nephropathy, the most common form of primary glomerulonephritis and a cause of end-stage renal disease requiring treatment with dialysis or transplantation. Nefecon has shown positive results in an open-labeled Phase II trial evaluating safety and efficacy and Pharmalink is currently focusing on preparing pivotal clinical trials.
Busulipo is being developed to provide a best-in-class conditioning agent for use priorto hematopoietic stem cell transplantation (HSCT), also often known as bone marrow transplantation. Busulipo has successfully undergone Phase II clinical trials and extensive data on efficacy, safety and pharmacokinetics compare positively with historical controls. Pharmalink is currently preparing for late stage clinical trials and for the registration and introduction of Busulipo into key global markets.
Pharmalink's Managing Director Johan Häggblad said, "Pharmalink's ability to raise capital in the current difficult economic climate reflects the potential of our product pipeline and the confidence our shareholders have in our Company and strategy. Our two main product candidates have shown very promising results and this new funding will support their further progress towards becoming new medicines for important indications."
Lennart Hansson, Investment Director at Industrifonden and member of the Pharmalink Board said: "As part of Industrifonden's investment strategy, we are seeking to direct more significant capital to work in those companies we believe will deliver major successes. Pharmalink is very much in that category. The Company has shown the quality of its drug development capabilities through successful outlicensing and, in Busulipo and Nefecon, has product candidates with the potential to generate great value for investors. We very much look forward to Pharmalink continuing its work in turning these Swedish medical innovations into products that can make a real difference to patients."
Pharmalink is a Swedish specialty pharma company developing high value products for niche indications. Pharmalink draws on its extensive experience of pharmaceutical product development and the excellence of medical science in Sweden to identify and progress products that address significant unmet medical needs. Pharmalink has introduced more than 15 pharmaceutical products to the market. Using a repurposing and reformulation strategy, Pharmalink minimizes the risk of product development. The Company's strategy is to apply its expertise to drive drug development and commercialize with partners. Pharmalink currently has two clinical phase projects under development, Nefecon® and Busulipo, and is actively in-licensing promising new projects to add to its pipeline. Visit http://www.pharmalink.se for further information.
For further information, please contact:
Johan Häggblad, Managing Director, +46(0)70-668-0644
Citigate Dewe Rogerson:
Chris Gardner/Nina Enegren, +44-207-638-9571