SOM Biotech Licenses Its First Product And Expands To The United States
Published: Jul 25, 2017
BARCELONA, Spain and CAMBRIDGE, Massachusetts, July 25, 2017 /PRNewswire/ -- The med-tech biopharmaceutical company SOM Biotech, specializing in repurposing drugs to treat rare nervous system diseases, has concluded a worldwide license agreement with Corino Therapeutics Inc. to clinically develop and market the drug SOM0226 against transthyretin amyloidosis (ATTR). Before this licensing agreement had been reached, the drug achieved very promising results in a Phase 2 study conducted in Europe.
A new office in the United States
The office, located in Cambridge, Massachusetts, is managed by Michael Greenberg. Mr Greenberg is a recognised expert in business development in the healthcare industry, with more than 20 years of experience in negotiating international alliances and managing cutting-edge biopharmaceutical companies in the United States, Europe and Asia.
Series A fundraising
The geographic expansion, and the clinical development of SOM's most advanced assets, will be capitalized through the licensing revenues from SOM0226, as well as the commencing Series A fundraising, targeted to leading US and European venture investors.
SOM Biotech will dedicate the resources secured to conduct the next clinical trials and expand the company pipeline through its platform technology; SOM3355 is a drug indicated for chorea movements associated to Huntington's disease and tardive dyskinesia, and SOM1201 has shown clinical evidence of efficacy for Adrenoleukodystrophy (ALD) and potentially Adrenomyeloneuropathy (AMN).
This injection of capital will also allow the biopharmaceutical company to channel plenty of resources into its expansion into the North American market. Initially, its activity will be centred on promoting licensing projects and partnerships on the field of repurposing drugs for rare neurological diseases.
Altogether, since it was created in 2009, the company has raised more than $6 million from public and private capital.
Dr Raúl Insa, SOM's founder and CEO, went on to say, "SOM is entering an aggressive international growth stage to become the world's leading company in drug repurposing. We have made it past the initial business concept stage with our first licence and are now pushing into the clinics the next two products, while expanding the pipeline. Our major challenges are getting our leading products to reach the market in the next 5 years and build a sustainable business model realizing the value that investors are expecting from this company."
About SOM Biotech
SOM Biotech Ltd. (www.sombiotech.com) is a med-tech biopharmaceutical company founded in 2009 in Barcelona (Spain) with a business and expanding presence in Cambridge, Massachusetts (United States). The company's business strategy consists of identifying, clinically developing and marketing drugs to treat rare neurological diseases, using drugs already on the market (repurposing).
SOM has an extensive portfolio of products that includes drugs for rare diseases (Huntington's disease, Adrenoleukodystrophy, Glioblastoma and Duchenne Muscular Dystrophy) as well other drugs for different therapeutic areas.
The company is also engaging in repurposing collaborations with major pharmaceutical companies by supporting them in developing the drugs in their portfolios and through partnership agreements.
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SOURCE SOM Biotech