Biotech company Zealand Pharma gains major investment  

2005.02.22
The Copenhagen based biotech company Zealand Pharma has announced the closing of a major new financing round

Copenhagen based biotech company Zealand Pharma has announced the closing of a major new financing round of DKK 200 mn (USD 34 mn). Half of the investment comes from three large venture funds in France and Holland, while the other half comes from existing investors BankInvest, LD Pension and Dansk Erhvervsinvestering. The Danish Fund for Industrial Growth has contributed through a loan-share swap as well as investing in the company.

 

Eva Steiness, managing director of Zealand Pharma says the money will primarily be used to further develop the company's promising drug for the treatment of heart failure, and to hatch a new development project: "It means that we now have money for conducting optimal research for the next two years", she adds.

 

Zealand Pharma has developed three compounds which are in clinical development. One of the compounds, a GLP-1 [Glucagon-Like-Peptide-1 – Ed] analogue for the treatment of Type 2 Diabetes, has been licensed to Sanofi-Aventis. A second compound, a gap junction modifier for the prevention of ventricular arrhythmia, has been licensed to Wyeth. In addition, Zealand Pharma is currently developing two other compounds; an aquaretic intended for acute heart failure, and a GLP-2 analogue for the treatment of chemotherapy-induced diarrhoea. The news is reported by daily broadsheet Berlingske Tidende and on Zealand Pharma's website.

 

Link > Zealand Pharma 

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