Positive Results to Date Drive Decision to Expand its Proprietary
ZURICH, Switzerland, Aug. 7 /PRNewswire/ -- ESBATech AG, a leading developer of antibody fragment therapeutics, today announced that the company has raised an additional CHF 23M (USD 22M, EUR 14M) in an extended Series B venture round to expand its development pipeline. A global syndicate of current investors participated in this round including SV Life Sciences, Clarus Ventures, HBM BioVentures, HBM BioCapital, Novartis Bioventures, BioMedinvest and VI Partners.
This funding builds on the company's CHF 50M (USD 49M, EUR 31M) Series B round, which closed in August 2006 and has enabled the company to move its lead molecule, ESBA105, into clinical trials. ESBA105 is a single-chain antibody fragment directed against TNF-alpha and is developed in ophthalmic and additional inflammatory indications.
Dominik Escher, Ph.D., Chief Executive Officer of ESBATech AG, commented, "We are delighted to announce the expansion of our proprietary pipeline with this additional financing. This includes building broad franchises in ophthalmology, rheumatology and respiratory diseases for ESBA105 and additional antibody fragments. Since the announcement of the Series B financing in August 2006, ESBATech has made significant progress in R&D, including the demonstration in animal models that high concentrations of ESBA105 can be achieved in all segments of the eye with topical delivery via eye drops. Furthermore, we have advanced our anti-VEGF program to selection of a development candidate, ESBA903, a single-chain antibody that shows very high potency, stability and solubility, and will be developed for ophthalmic indications. Just like ESBA105, this antibody fragment will be delivered via eye drops and thus represents a true alternative to the current intra-vitreal injections of marketed anti-VEGF inhibitors."
Martin Gertsch, Chief Financ
|SOURCE ESBATech AG|
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