May 28 2008 | Category: Investor
Existing investors support AM-Pharma and set the terms for Second Close
Bunnik, The Netherlands, 28 May 2008. AM-Pharma B.V., the biopharmaceutical company developing improved endogenous proteins and peptides to combat disease, today announced the signing of a €7 million financing agreement with Forbion Capital Partners and Inventages Venture Capital.
The announced investment is a First Close of a Series C financing round of €20 million. AM-Pharma is in active discussion with several potential investors from both Europe and the US on the investment of another €13million in a Second Close of the Series C financing round. Investors in the Second Close will be allowed to invest at the same terms and conditions that apply to this First Close.
Cash raised in this C round will allow the company to generate further Phase II efficacy and safety data for its two products; Recombinant human Alkaline Phosphatase and Selective Immune Response Amplifying peptide hLF1-11, in three therapeutic indications; Acute Renal Failure; Ulcerative Colitis and hospital acquired infections. The results of these Phase II trials, which will become available within the next three years, are expected to significantly boost the value of AM-Pharma.
AM-Pharma recently announced positive results in two Phase IIa studies with Alkaline Phosphatase in Acute Renal Failure and Ulcerative Colitis, whilst Selective Immune Response Amplifier hLF1-11 showed to be safe in Phase I trials and in a first trial against infections in bone marrow transplant patients.
Bart Wuurman, CEO commented: “It’s great that investors continue to support us in moving our clinical programmes forward. With the upcoming Second Close of our C round we are offering new investors an exciting opportunity to invest on attractive terms at a time when a strong upswing in company value could be very near.
Gunnar Weikert, Chairman of Inventages added: “The clinical progress and data shown so far by the company are very encouraging. This is one of the few companies that have three products in Phase II development and an experienced team in place to maximize their value.”
Bart Bergstein of Forbion Capital Partners pointed out: “AM-Pharma has reached the typical period where value inclination points will be reached. Given the strong pipeline, the expectation of a liquidity event via an IPO or trade sale in the upcoming period is more realistic than ever.”