Sopherion Therapeutics Secures $55 Million in Series... ( PRINCETON N.J. Feb. 19 /- Sopherion T...)

Sopherion Therapeutics Secures $55 Million in Series C Funding

Date:2/19/2009

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 signifi
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Sopherion Therapeutics Secures $55 Million in Series...( PRINCETON N.J. Feb. 19 /- Sopherion T...)