Danish Biotech company Symphogen has gained a USD 6.4 m investment from a Dutch venture capital fund, Gilde Healthcare Partners, bringing Symphogen's cash in hand up towards USD 32 m, enough to cover the firm's expenses into H2 2008.
Kirsten Drejer, managing director of Symphogen comments: "I hope this will be enough until we make a stock exchange listing." Before its listing, Symphogen plans to make a partnership agreement with a pharmaceutical company, which can support development of one of the Danish firm's compounds, for the treatment of Respiratory Syncytial Virus (RSV)*.
"I believe we can enter a good agreement for the product because it is a potential blockbuster," says Drejer. The compound is on its way to phase I development.
Symphogen pioneers therapeutic products based on recombinant natural human antibodies for the treatment and prevention of human disease. Symphobodies offer a number of advantages over current plasma-derived immunoglobulins and monoclonal antibody therapies for the treatment of infectious diseases, allergy, transplant rejection, and cancer. The commercial potential of symphobodies is expected to be very significant. The news was reported by financial daily newspaper Børsen.
* RSV is the most common cause of hospitalization of young children with respiratory tract disease and is responsible for over 90,000 hospitalizations in the US and almost 5,000 deaths every year – Ed.