NovImmune SA Raises $55 Million
PLAN-LES-OUATES, Switzerland, May 12 /PRNewswire/ -- NovImmune, an immunology-focused biotech company dedicated to the development of therapeutic monoclonal antibodies, announced today that it has raised CHF 62.5 million (USD 54.8 million) to take back control of its lead compounds (NI-0401 and NI-0501, a fully human monoclonal antibody to CD3 and interferon-gamma, respectively) and for further development of its pipeline. The transaction was led by BZ Bank Aktiengesellschaft. Jack Barbut, CEO of NovImmune, said: "The Company has made great progress and remains strictly focused on achieving its goals to progress NovImmune's rich pipeline. We are proud to complete this transaction which allows us to continue to execute our long term business plan. With the current financing, NovImmune now has regained full control of two of its lead compounds from MerckSerono and is looking forward to moving ahead with the seven products in its portfolio." Eduard E. Holdener, MD, Chairman of the Board of Directors, said "This substantial capital increase allows NovImmune to progress its projects along the value chain while preparing the company for important strategic partnerships that might involve one or multiple compounds of its portfolio". Key appointments to the executive management team NovImmune extended its executive management team by appointing Penelope Ward, MD, as Chief Medical Officer, Luca Bolliger, PhD, as Head of Business Development, and Olivia Maurel, PharmD, as Head of Regulatory Affairs. Penelope joined from F.Hoffmann-La Roche AG where she was global Head of Rheumatology and local Head of Clinical Development in the Global Development Center, Welwyn Garden City, UK. Before NovImmune, Luca was Director of Business Development at Actelion. Olivia joined from Centocor (J&J), where she was Head of the European Regulatory Affairs group for immunology compounds. Complete biographies can be found at: http://www.novimmune.com. NovImmune SA NovImmune SA ('NovImmune') is a drug discovery and development company with a focus on therapeutic mAbs for inflammatory diseases and immune-related disorders. NovImmune has generated, to date, seven proprietary mAbs. The pipeline is a balance of preclinical and clinical compounds, with a mix of both clinically validated as well as novel targets. Each of these portfolio products has the potential to become a medicine for multiple medical conditions due to the overlapping mechanism of action under laying these types of diseases. Two compounds are in clinical development, with the most advanced in clinical phase II. The lead product, NI-0401/anti-CD3, is currently being tested in Crohn's disease, type 1 diabetes and transplantation. The company was established in 1999 and has currently 70 employees basedin Plan-les-Ouates/Geneva, Switzerland. For more information please visit our website: http://www.novimmune.com.