Nordic Biotech II K/S and MPM BioVentures close on additional $6 million
investment on top of $75 million previous investment
AMSTERDAM, Netherlands and ALAMEDA, Calif., Feb. 28 /PRNewswire/ -- Arriva Pharmaceuticals, a biopharmaceutical company focused on developing anti- inflammatory therapies for treating respiratory diseases, completed a financing of 6 million USD led by new Investor Nordic Biotech II K/S and with participation by MPM BioVentures. Since its founding in 1997, Arriva has now raised a total of 81 million USD.
"Key financing from Nordic Biotech II KS and from our earlier lead investor, MPM Capital, allows us to continue the development of recombinant alpha-one antitrypsin for hereditary emphysema," said Sue Preston, CEO, Arriva Pharmaceuticals. "With a committed, experienced management team, we are now focused on the clinical development of our lead and pipeline products."
"We are investing in the clear value we see in Arriva's late-stage inhaled protein rAAT, a replacement product for the treatment of hereditary emphysema," said Florian Schonharting, partner of Nordic Biotech. "Our goal with Arriva is to provide financing and through board participation, help the company become a recognized, fully integrated biotech concern," added Christian Hansen, partner of Nordic Biotech.
"MPM has been a supporter of Arriva and the company's mission since 2002," said Ansbert Gadicke, General Partner, MPM Capital. "We continue to believe that there is significant potential in the company's respiratory product pipeline and are involved in this financing because we anticipate that Arriva will successfully capitalize on its IP and other assets."
Arriva Pharmaceuticals is a privately held biopharmaceutical company focused on developing anti-inflammatory therapies for treating respiratory diseases. The company's areas of therapeutic focus are: hereditary emphysema, chronic obstructive pulmonary disease (COPD) including smoking-related emphysema, cystic fibrosis and other respiratory indications. Arriva Pharmaceuticals BV, is headquartered in Amsterdam, the Netherlands, and its majority-owned subsidiary, Arriva Pharmaceuticals, Inc., is located in Alameda, California. For additional information please visit: http://www.arrivapharm.com
About Nordic Biotech:
Nordic Biotech is a global operating special situations fund family, with about 200 million USD under management. Primary focus is pharmaceutical development companies with late stage clinical programs. Nordic Biotech is based primarily in Copenhagen, Denmark with a presence in Boston and San Francisco. For more information, please visit http://www.NordicBiotech.com.
MPM Capital L.P. is a global investment management firm focused solely on life sciences investing. One of the largest investment management firms dedicated to the life sciences sector, MPM Capital has offices in Boston, San Francisco and New York City. MPM's portfolio ranges from start-ups to large capitalization public companies, with a primary focus on biopharmaceutical and medical device companies nearing commercialization of products or those companies that already offer product-driven opportunities. The firm manages over $2.5 billion in assets through the MPM BioVentures Family of venture capital funds and the MPM BioEquities public market fund. More information on MPM can be found at http://www.MPMCapital.com.
|SOURCE Arriva Pharmaceuticals|
Copyright©2008 PR Newswire.
All rights reserved