Danish biotech company 7TM Pharma, which specialises in obesity treatments and metabolic diseases, might seek an IPO in 2008 when the company needs further financing, says the newly appointed chairman of the board, Peter Chambré. If the Danish competitor Neurosearch gains a major agreement for Tesofensine, a drug for the treatment of obesity, it could be a stepping stone for raising new financing for 7TM, and will also increase stock market interest in companies developing drugs for the treatment of obesity.
"If Neurosearch is successful with its candidate, then I think it's good news for 7TM Pharma. You always look at the success of others and asses how you can learn from it," says Chambré. The new chairman comes from the British biotech industry and was CEO of Cambridge Antibody Technology until it was acquired by Astra Zeneca in 2006 for GPB 702 m.
Søren Møller, director of asset management company Fondsmæglerselskabet af 2004, that advises Dansk Innovationsinvestering which owns 5% of 7TM Pharma, says: "I think Peter Chambré's international experience will have great value to 7TM Pharma. When you appoint someone who has worked internationally in biotech development, including agreements with major pharmaceutical companies, then it is clear he can make a valuable contribution with his experience and network. Biotech is a global industry, so it is no use looking narrowly at Denmark. You need a global outlook."
7TM Pharma is a biotech company focusing on discovery and development of new drugs targeting 7TM receptors. 7TM Pharma’s primary therapeutic area is metabolic diseases, including obesity and cardiovascular diseases. According to the WHO, there are more than 400 million clinically obese people worldwide, and the number is growing rapidly. In spite of this, there are only few approved therapies for obesity. The news was reported by financial daily newspaper Børsen.