SYMPHOGEN Secures EUR 33 million Financing to Support Clinical Development of Antibody Products
COPENHAGEN, Denmark - Symphogen A/S today announced the closing of a € 33 million (approximately U.S. $44 million) financing. Existing investors participated in the round, which was led by Essex Woodlands Health Ventures. The financing will be used to mature the company’s product pipeline of antibody therapeutics, particularly within the field of oncology.
“This significant financial commitment from our current investors demonstrates their confidence in Symphogen’s innovative pipeline and antibody discovery and manufacturing technologies,”
said Kirsten Drejer, CEO of Symphogen.
“The current funding will support the advancement of our lead oncology program, Sym004, towards early clinical studies as Symphogen continues to build a competitive oncology franchise. Coinciding with our strategic decision to focus our internal R&D resources on further maturing our oncology pipeline, Symphogen also plans to broaden our external collaborative activities by engaging in partnership discussions for our anti-RSV and anti-RhD recombinant polyclonal antibody programs.”
Martin Edwards, Chairman of the Board of Directors, commented that
“Symphogen’s cutting-edge technology platforms and pipeline of oncology antibody therapeutics represent a promising approach to treating cancer. I believe that the company has made significant progress in advancing several of its antibody programs. Symphogen’s strong investor syndicate remains committed to supporting the company’s continued pipeline development and business strategy.”
Sym004 is a recombinant IgG1 antibody product consisting of two antibodies against the epidermal growth factor receptor (EGFR). Similar to marketed monoclonal antibodies, Sym004 inhibits cancer cells in vitro by inhibition of ligand binding, receptor activation and downstream signaling.
In addition, Sym004 induces rapid and efficient internalization and degradation of the EGF receptor due to the simultaneous binding of full length Sym004 antibodies to non-overlapping epitopes. This removal of the EGF receptor leads to a superior anti-tumor response of Sym004 as compared to marketed monoclonal EGFR antibodies in vitro and in vivo. Preliminary safety data indicate that Sym004 has a safety profile similar to marketed monoclonal antibodies and a full set of regulatory toxicology studies have been initiated.
Symphogen is the leader in developing recombinant polyclonal antibodies (pAb), a new class of biopharmaceuticals for the treatment of serious human diseases. By employing its pioneering antibody discovery and manufacturing technologies, Symphogen generates recombinant antibody compositions that capture the diversity and effectiveness of the natural immune system. Symphogen is building a proprietary product pipeline within several disease areas, including infectious diseases and cancer. Symphogen is a private biopharmaceutical company with more than 70 employees, based in Copenhagen, Denmark. Refer to www.symphogen.com for further information on Symphogen.