Copenhagen based Gastrotech Pharma raises new funding  

2005.12.13
Gastrotech Pharma based in Copenhagen has raised DKK 17.1 m in funding from UK's BioScience Managers Limited, which is investing on behalf of the French fund 123Multinova Europe, and from Nordic Biotech

Gastrotech Pharma based in Copenhagen has raised DKK 17.1 m (USD 2.7 m) in private equity funding from UK's BioScience Managers Limited (BML), which is investing on behalf of the French fund 123Multinova Europe, and from Nordic Biotech. The executive chairman of BML, Jeremy Curnock Cook, will join Gastrotech's board of directors.

Jonathan Hepple, investment director at BML says that Gastrotech is a young international company which brings together a wealth of management experience and clinical stage programmes targeting areas of unmet medical needs. "We and 123Multinova Europe are pleased to join with Nordic Biotech to facilitate the advancement of these important programmes," he comments.

In November Dor BioPharma, a US biotech company, announced that it had entered a binding agreement to acquire Gastrotech. The transaction is proceeding according to plan and is expected to be completed in Q1 2006. Gastrotech will become the European subsidiary of Dor BioPharma.

Gastrotech Pharma was founded in 2003, and specialises in the development of therapeutics based on gastrointestinal peptide hormones for the treatment of cancer and gastrointestinal diseases. The company currently has two compounds in phase II clinical testing. The news was reported by BiotechDenmark and on Gastrotech's website.

Link > Gastrotech Pharma 

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