Johnson & Johnson Development Corporation (JJDC), a venture capital subsidiary of Johnson & Johnson, has invested an undisclosed sum in the Danish biotech company 7TM Pharma. JJDC is among the world's largest biotech investment companies.
7TM Pharma considers the investment to be a seal of approval of the firm's research projects. Thue Schwartz, research director of 7TM Pharma comments on the investment: "The fact that it is JJDC means that we will have yet another heavyweight international investor, which can help bringing us to a possible stock exchange listing".
The Danish biotech company has also announced that it has initiated preclinical development of compound TM30339 for the treatment of obesity. Earlier this summer, 7TM Pharma initiated phase I/II clinical trials with another compound , TM30338, for the treatment of obesity. The news was reported by national daily newspaper Jyllands-Posten and on 7TM Pharma's website.
7TM Pharma is a drug discovery and development company which has a pipeline of advanced programmes in its main therapeutic focus area, obesity. The biotech company's pipeline also includes programmes on well validated targets in allergy/inflammation, therapeutic angiogenesis and cardiovascular diseases. Investors in 7TM Pharma are Novo A/S, LODH Immunology Fund, Dansk Innovationsinvestering, Alta Partners, Index Ventures and Baker-Tisch Investments.
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