Sopherion Therapeutics secured $55 million to complete Phase III development of Myocet in breast cancer. The series C financing was led by Zoticon Bioventures.
Myocet is a liposomal formulation of doxorubicin, reportedly designed to reduce the risk of cardiotoxicity. It is being studied in combination with trastuzumab and paclitaxel versus trastuzumab and paclitaxel for first-line therapy of patients with metastatic breast cancer.
In January 2008, Zoticon in-licensed Myocet and provided $20 million. Subsequently, it led an additional $35 million funding during 2008. Additional investors in this second tranche of funding include TL Ventures, New Leaf Venture Partners/Sprout Group, ProQuest Investments, Canaan Partners, Devon Park Bioventures, Commerce Bank, and NewSpring Capital.
Sopherion originally gained an exclusive license in 2004 from Zeneus Pharma, which is now Cephalon, to commercialize Myocet in North America.
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