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Archimedes Pharma Announces Major Fund Raising of GBP65 Million
Date:3/2/2010

Ulrik Spork, Managing Partner of Novo Growth Equity, said: "We have been impressed with the successful track record of Archimedes over the last five years, and are very pleased to contribute to the further transformation of the Company with the launch of PecFent, Archimedes' nasal fentanyl spray, in Europe and US. Archimedes represents an ideal investment opportunity for us and supports our strategy to take major stakes in promising late stage life sciences companies with near-term commercial potential."

Jeffrey H. Buchalter, President and Chief Executive Officer of Archimedes, commented: "Archimedes is at a transformational stage in its development. It has built up a successful specialty pharma business in Europe and has filed its lead product, PecFent, for product approval in both Europe and the US. I am delighted to join as President and CEO to accelerate the expansion of Archimedes' business in Europe, support the commercialisation of PecFent, and build the operations in the US market."

The board of Archimedes will now include Simon Turton and Piyush Shukla of Warburg Pincus; Ulrik Spork and G
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SOURCE Archimedes Pharma
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