The Danish-American biotech firm Genmab is gearing up to make itself one of the world's biggest in the industry, in the same league as the US biotech icon Amgen. To fuel its potent ambitions, the 7 year old stock exchange listed firm has added another DKK 800 m (USD 128 m) to its already well filled cash tank.
Genmab now has close to DKK 2 bn (USD 320 m) at its disposal, and so has the financial muscle to drive product development to completion and bring its biotech solutions to market. Development director Claus Juan Møller-San Pedro is in no doubt about the company's earning potential. He comments:
"Last year we sold the sales rights to our most advanced project, which is expected to come to market next year. The proceeds from the sale, plus the cash from the latest round of funding, mean that we can retain a half share of the marketing rights for our next product, which is slated to reach the market in 2008-9. That will enable us to build Genmab into a European version of Amgen or Genentech."
Genmab A/S creates and develops human antibodies for the treatment of life-threatening and debilitating diseases. The company has a portfolio of products in development to treat cancer, infectious disease, rheumatoid arthritis and other inflammatory conditions. Genmab currently has multiple partnerships to gain access to disease targets and develop novel human antibodies including agreements with Roche, Amgen and Serono. Genmab has operations in Copenhagen, Denmark, Utrecht, the Netherlands, and Princeton, New Jersey in the US. The news was reported by financial daily newspaper Børsen.
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