PRINCETON, N.J., Feb. 19 /PRNewswire/ -- Sopherion Therapeutics, LLC, a biopharmaceutical company focused on the development and commercialization of anti-cancer therapies, has announced a $55 million Series C financing. The financing was led by Zoticon Bioventures, a global drug development and healthcare investment firm.
The company will use the funding to complete the pivotal Phase III clinical development program for its lead product candidate, Myocet(TM). Myocet is a liposomal formulation of doxorubicin designed to reduce the risk of cardiotoxicity while preserving antitumor efficacy.
In January 2008, Zoticon Bioventures in-licensed Myocet and provided funding of $20 million to Sopherion and subsequently led an additional $35 million raise during 2008. Proceeds are to fund Sopherion and complete its global, registrational trial of Myocet in combination with trastuzumab and paclitaxel vs. trastuzumab and paclitaxel for first-line therapy of patients with metastatic breast cancer. Additional investors in the $35MM round include TL Ventures, New Leaf Venture Partners/Sprout Group, ProQuest Investments, Canaan Partners, Devon Park Bioventures, Commerce Bank and NewSpring Capital.
"This funding is an important milestone for Sopherion and represents continued validation for Myocet, which we believe has the potential to become the standard of care for patients with advanced breast cancer when used in combination with trastuzumab and paclitaxel," said Ronald H. Goldfarb, Ph.D., President and CEO of Sopherion Therapeutics. "Zoticon's experience in biotech is a great asset for us, and we look forward to continuing to work closely together."
"Zoticon is very excited to be involved with Sopherion and the Myocet program in North America. This investment underscores our strong, continued belief in the significant advances the company is contributing to the field of oncology and to addressing significant unmet medical needs," said Asher Nathan, Managing Director of Zoticon and Chairman of the Board, Sopherion Therapeutics, LLC.
About Sopherion Therapeutics, LLC
Sopherion Therapeutics, LLC is a privately-held biotechnology company based in Princeton, New Jersey. The Company is focused on developing novel anti-cancer therapies for patients suffering from advanced cancer, particularly metastatic disease. Sopherion is dedicated to the acquisition, discovery, development and commercialization of novel anti-cancer therapies with unique therapeutic activities that address unmet medical needs in and extend human life. In 2004, Sopherion entered into an exclusive licensing agreement with Zeneus Pharma Ltd., now Cephalon, Inc. for the future commercialization of Myocet in North America. For more information, visit www.sopherion.com.
About Zoticon Bioventures
Zoticon is a privately held global drug development and healthcare investment firm with a portfolio of life-sciences-focused companies. Zoticon's business model is to in-license novel therapeutics, and continue their clinical development. For more information, visit www2.zoticon.com.
|SOURCE Sopherion Therapeutics, LLC|
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