Action Pharma raises DKK 40 m investment  

2006.10.10
Biotech firm Action Pharma based in Aarhus, Jutland, has gained a DKK 40 m investment from a Danish-Swedish consortium comprising Incuba Venture, Vækstfonden and Innovations Kapital

Biotech firm Action Pharma based in Aarhus, Jutland, has gained a DKK 40 m (USD 6.8 m) investment from a Danish-Swedish consortium comprising Incuba Venture, Vækstfonden and Innovations Kapital. The money will finance Action Pharma's research and development until the end of 2007. Jeppe Øvlesen, finance director of Action Pharma comments:

"With the new capital we have gained the financial muscle to further develop the company and reach a number of important milestones in developing the new drugs in the pipeline. The objective is an IPO in 2-3 years. Not as a sale or exit, but to ensure further financing for developing drugs."

Øvlesen says the firm is close to having its first drug ready for sale, and that he expects a contract with a pharmaceutical company in the next two years. Action Pharma's development programme comprises eight compounds including AP214 for the treatment of organ failure, and AP1030 for the treatment of type II diabetes, obesity and metabolic syndrome. The news was reported by financial daily newspaper Børsen.

 

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