ThromboGenics raised €56 million, or $74.79 million, through a private placement of 2,944,523 new shares. The funds will be used to prepare for the introduction and commercialization of microplasmin.
The drug completed two Phase III trials in patients with vitreomacular adhesion (VMA). ThromboGenics is targeting for BLA and MAA submissions by mid 2011. In September the company signed on MSD Biologics in a 10-year supply deal to back long-term commercial needs.
Under the private placement, ThromboGenics placed the new shares (9.99% of the outstanding shares) with domestic and international investors and qualified institutional buyers in the U.S. at a price of €19.00 per share, a 3% discount on the previous day’s closing price.
“We intend to use our newly enhanced financial position to invest in the highly focused team needed to commercialize our lead product, microplasmin, which has recently completed a very successful Phase III program in patients with vitreomacular adhesion,” says Patrik De Haes, CEO of ThromboGenics.
“The success of microplasmin, which we believe has the potential to transform the treatment of retinal disease, is key to our plans of becoming a profitable, integrated company focused on cutting-edge ophthalmic medicines, a strategy that is designed to significantly grow shareholder value over the next few years.”
Microplasmin is a truncated and stable form of plasmin. It is also being tested in Phase II for the treatment of diabetic retinopathy and age-related macular degeneration in patients for whom VMA might play a role.
Microplasmin has also completed Phase II trials in stroke. ThromboGenics says it is looking for a partner to continue development of the product for this indication.
In addition, ThromboGenics, headquartered in Leuven, Belgium, is developing novel antibody therapeutics in collaboration with BioInvent International. These include TB-402 (anti-Factor VIII), a long-acting anticoagulant in Phase II, and TB-403 (anti-PlGF) in Phase Ib/II for cancer in partnership with Roche.