Danish biotech firms in merger discussions  

2003.03.13
Investors in Pantheco and Cureon have agreed to enter discussions on merging the two companies

The investors in the Danish biotech companies Pantheco and Cureon have agreed to enter discussions on merging the two companies. The objective of the yet-to-be named new company is to become an international leader for protein based drug discovery. MD of BankInvest Jesper Zeuthen comments "We want a company that can be a world leader in third generation nucleic acid based drugs – antisense, but also other applications" [antisense is a science based on the direct application of gene sequence information – Ed].

 

The fusion will entail capital injection, so that the merged company can continue its activities for 3 years. The company will use this period to create sufficiently attractive results to attract international attention. The set-up will be such that the new company will be able to progress between strategic milestones to make it possible to attract international investors, says Zeuthen. The news is reported by biotechdenmark.dk

 

Cureon was established in December 1999 to exploit the potential of LNA (Locked Nucleic Acids), a novel DNA analogue with an unprecedented affinity and specificity, as a pharmaceutical agent. The company has an exclusive license to LNA for all therapeutic fields but currently has a primary focus on cancer. Pantheco, founded in 1998, is developing Peptide Nucleic Acid (PNA) based drugs. PNA is one of the most promising antisense technology inventions. PNA drugs work at a genetic level to interrupt the process by which essential disease related proteins are produced.

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