ActoGeniX, a Dutch drug company whose lead candidate is focused on inflammatory bowel disease, has raised €13.5 million in second-round funding. Biovest was joined by return backers Gimv, Biotech Fund Flanders, Baekeland Fund, VIB, LSP, Aescap Venture and Ventech.
ActoGeniX, a development-stage biopharmaceutical company, announced today that it has successfully closed an equity financing round, raising EUR 13.5 million (approximately USD 17 million) from a broad syndicate of life sciences investors.
In January 2007, shortly after its inception, ActoGeniX announced the closing of a EUR
20 million Series A round. Today the Company raised an additional EUR 13.5 million from a strong syndicate of life sciences investors that includes new investor Biovest (Belgium), as well as the existing investors Gimv, Biotech Fund Flanders, Baekeland Fund, VIB (Belgium), LSP, Aescap Venture (the Netherlands) and Ventech (France). Mr. Rudi Mariën from Biovest joins the Board of Directors of ActoGeniX.
This financing will allow ActoGeniX to timely execute its ongoing and planned clinical development programs and to fund operations well into 2011, without taking into account potential revenue-generating corporate partnerships. ActoGeniX is well on track with building its product pipeline. Its lead product, AG011 for inflammatory bowel disease, is currently being tested in a multinational phase 2 clinical trial in ulcerative colitis patients, with top-line data expected before mid-2009. Within the next few months, ActoGeniX intends to file an IND in the US, to start a phase 1B clinical trial to evaluate its second product, AG013, for treatment of oral mucositis in cancer patients.
Dr. Mark Vaeck, CEO of ActoGeniX, commented: “ We are delighted with this financing, accomplished in a challenging market environment. It provides ActoGeniX with sufficient additional cash to execute its ambitious business plan and to complete its two lead clinical development programs, which are expected to yield significant, value-creating clinical data during 2009.”
Mr. Patrick Van Beneden, Executive Vice-President Gimv Life Sciences and Chairman of the Board of ActoGeniX, added: “To have raised such a substantial amount of new equity capital during these times of distressed financial markets is a clear illustration of investor’s confidence in ActoGeniX´s promising product pipeline and business plan.” Mr. Rudi Mariën from Biovest said: “I am excited to join ActoGeniX, which I believe has an innovative drug development platform, an experienced management team, and the potential to deliver on significant clinical milestones within the next 12 months.”