BRISBANE, Australia, Nov. 27 /PRNewswire/ -- Xenome Ltd, a specialist biopharmaceutical company developing novel peptide drugs, announced today that it has successfully raised US$10M of equity finance. The syndicated funding round includes continuing support from Xenome's major investor, Queensland BioCapital Funds (QBF), for $2.7M, significant equity funding of $5m from Amylin Pharmaceuticals Inc, a top tier USA biotechnology company headquartered in San Diego, California, and $2.3M from Innovis Investment Partners (Innovis).
The combined investment will enable Xenome to continue the execution of
its operational plan which includes:
- Implementation of a Joint Xenome-Amylin Research Collaboration
involving drug discovery of new compounds from Xenome's unique
peptide library using Amylin's assay technologies in the fields of
metabolic and musculoskeletal diseases;
- Expansion of the Phase 2 clinical development of Xenome's most
advanced and promising drug candidate, Xen2174, for the treatment of
acute and chronic intractable pain and;
- Furthering the development of Xenome's current drug candidate
"The opportunity to make two major announcements on the same day does not come around very often, so it is satisfying to be able to announce this new syndicated investment by QBF, Amylin and Innovis together with the execution of the separate Joint Xenome-Amylin Research Collaboration. The Company recognizes QBF's sustained support and belief in Xenome at a time when biotech funding comes at a premium. At the same time we welcome new substantial shareholders Amylin and Innovis Ltd. to the Company's share register." said Xenome CEO, Lewis Lee.
"The equity investment integrated with the extensive Xenome-Amylin
Joint Research Collaboration provides a tremendous validation of the
Company's peptide drug discovery platform and will facilitate Xenome's
ability to rapidly generate novel lead molecules for key therapeutic
targets." commented Cherrell Hirst, QBF CEO and Innovis General Partner.
Director & CEO
Tel: +61 7 3720 8055
QBF and Innovis Information:
Cherrell Hirst MD (CEO)
QBF Pty Ltd.
Tel: +61 7 3009 6850
Xenome is a progressive Australian biotechnology company with a promising and distinctive technology platform targeting pain and inflammation. Xen2174, the Company's lead drug candidate is currently completing a Phase 1b/2a clinical trial for cancer pain with evidence to date providing strong support that the trial endpoints will be successfully met. More substantive clinical trials for expanded indications are planned for 2008. In addition, the drug discovery platform from which Xen2174 emerged has inherent value due to its ability to repeatedly identify new lead medicinal compounds on the basis of its unique construction around Australian biodiversity. Specifically, Xenome has generated a unique expertise in peptide chemistry to translate the evolutionary advantages inherent in venom peptides into highly bioactive libraries of molecules that are of interest to global biotechnology and pharmaceutical companies.
Queensland BioCapital Funds Pty Ltd (QBF) is a $100 million closed end venture capital fund that seeks to invest in listed or unlisted companies in the human biosciences sector, in particular, pharmaceuticals, medical devices, consumer healthcare products and diagnostics. It is a wholly owned subsidiary of the Queensland Investment Corporation (QIC), one of Australia's largest institutional fund managers with over $50 billion in funds invested and owned by the Queensland Government, but with a Board and staff drawn from the private sector. QBF was established in October 2002 to assist QIC in its role as trustee and manager of the fund by identifying, validating and managing investment opportunities. QBF is actively involved in its investee companies, typically holding a significant equity position for several years in the form of preference shares with specified rights.
Innovis Investment Partners Australia LP is a venture capital fund focusing on private and micro-cap public companies in Biotechnology, Pharmaceuticals and Healthcare.
|SOURCE Xenome Ltd|
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