Navigation Links
ACT Biotech Acquires Clinical and Early Stage Oncology Portfolio Licenses From Bayer Healthcare

NGN Capital leads $12 Million in Series A First Tranche Financing

SAN FRANCISCO and NEW YORK, May 7 /PRNewswire/ -- NGN Capital announced today the formation of ACT Biotech Inc., a new company dedicated to developing and commercializing targeted oral cancer drugs. ACT Biotech has entered into a license agreement with Bayer HealthCare LLC for a portfolio of clinical and early stage oncology assets. In conjunction with the agreement, ACT has raised $12 million in the first tranche of a Series A financing led by NGN Capital, New York. The company has also now initiated the syndication process to raise a total of $20 million, expected to be completed in the second quarter of 2008.

Under the terms of the license agreement with Bayer, ACT Biotech has acquired an anti-angiogenic receptor tyrosine kinase inhibitor entering Phase II clinical studies for colorectal cancer, amongst other indications. An additional program in-licensed in this agreement is a first-in-class multi-mode kinase inhibitor in late preclinical stage with application in a variety of cancer types. The company also acquired several additional preclinical stage programs in oncology. As part of the agreement, Bayer will maintain a minority equity stake in ACT Biotech.

Wolf-Dieter Busse, Ph.D., co-founder of Aerovance, who will serve as Chief Executive Officer of ACT Biotech stated, "We are delighted about our strong portfolio and are eager to advance these exciting cancer drug candidates with our seasoned management team of leading experts in cancer drug discovery and clinical development." In addition, the company will continue to cooperate with the Melanoma Therapeutics Foundation, which is a co-founder in ACT Biotech. The new company will be based in San Francisco, California.

"This license agreement allows Bayer to concentrate on its development program for Nexavar and other primary Oncology assets, while ACT will continue the development of promising, earlier clinical and pre-clinical assets," said Gunnar Riemann, Member of the Executive Committee of Bayer HealthCare.

"With this agreement ACT has obtained a collection of novel small molecule kinase inhibitors, which have the potential to become an integral part of a safer and more effective choice in modern cancer combination therapy," said Dr. Georg Nebgen, Managing General Partner of NGN Capital. "ACT Biotech highlights NGN's continued commitment to attract late stage innovation in drug development," said John Costantino Managing General Partner of NGN Capital.

Dr. Georg Nebgen and John Costantino of NGN Capital, Dr. Nils Behnke of Bain &Co. and Dr. Busse will constitute the Board of Directors of ACT Biotech. In addition, the management team will include Dr. Ali Fattaey, Chief Operating Officer, former Onyx VP of R&D.

About NGN Capital

NGN Capital is a global healthcare venture capital investment firm. NGN has investment capabilities across a broad spectrum of healthcare segments, including drug products, medical devices, and healthcare services, with an emphasis on later-stage opportunities. NGN has offices in New York, NY, Heidelberg, Germany, and Greenwich, CT. More information on NGN can be found at

About ACT Biotech, Inc.

ACT Biotech is a San Francisco-based privately-held pharmaceutical company focused exclusively on the development and commercialization of targeted cancer drugs.

Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Genetic Engineering and Biotechnology News reports on early ADMET use
2. China Medicine Corporation Selected to Represent Biotechnology Industry of Guangzhou City at 2008 Annual BIO International Convention
3. PCMA Response to New York Times Article on Biotech Medicine Costs
4. PCMA: Skyrocketing Biotech Prices Challenge Employers, Consumers
5. Rising Australian biotech stars set to connect on the world stage
6. Rigel to Present at 8th Annual Fortis Bank Biotechnology Conference
7. VCU Massey Cancer Center to partner with Israeli biotech firm
8. Transcept Pharmaceuticals to Present at the BioCentury Future Leaders in the Biotech Industry Conference
9. Genetic Engineering & Biotechnology News reports on clinical trials in developing countries
10. R&D Quality Excellence: Proven Tactics Optimize the R&D Quality Organizations of Pharmaceutical and Biotech Industries
11. Champions Biotechnology, Inc. Reports Two Cents per Share Earnings for Three Quarters Ended January 31, 2008
Post Your Comments:
(Date:6/27/2016)... ... June 27, 2016 , ... "FCPX editors can now reveal their media ... Pro X," said Christina Austin - CEO of Pixel Film Studios. , ProSlice ... X users can now reveal the media of their split screens with growing ...
(Date:6/26/2016)... ... 2016 , ... Quality metrics are proliferating in cancer care, and are derived ... eye of the beholder, according to experts who offered insights and commentary in the ... Care. For the full issue, click here . , For the American Society ...
(Date:6/26/2016)... , ... June 26, 2016 , ... ... once they have been diagnosed with endometriosis. These women need a treatment plan ... require a comprehensive approach that can help for preservation of fertility and ultimately ...
(Date:6/25/2016)... ... 25, 2016 , ... First Choice Emergency Room , the largest network ... the Medical Director of its new Mesquite-Samuell Farm facility. , “We are pleased ... location,” said Dr. James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. ...
(Date:6/24/2016)... ... , ... A recent article published June 14 on E Online ... on to state that individuals are now more comfortable seeking to undergo not only ... calf and cheek reduction. The Los Angeles area medical group, Beverly Hills Physicians (BHP) ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... 23, 2016 Roche (SIX: RO, ROG; OTCQX: ... its Elecsys BRAHMS PCT (procalcitonin) assay as a dedicated ... shock. With this clearance, Roche is the first IVD ... solution for sepsis risk assessment and management. ... and PCT levels in blood can aid clinicians in ...
(Date:6/23/2016)... 23, 2016 Research and Markets has ... 52" report to their offering. ... creates a favourable commercial environment for MedImmune to enter. The ... that will serve to drive considerable growth for effective anti-influenza ... to cap sales considerably, but development is still in its ...
(Date:6/23/2016)... PARK RIDGE, Ill. and INDIANAPOLIS ... caliber of students receiving a Lilly Diabetes Tomorrow,s Leaders ... hands. The 2016 scholarship winners, announced today online at ... refused to let type 1 diabetes stand in the ... Lilly Diabetes has supported the Foundation,s scholarship program since ...
Breaking Medicine Technology: