Funding will help company begin clinical development of psoriatic arthritis and chronic pain compounds.
PanGenetics raised €23 million, or $35 million, in a series C financing round. Edmond de Rothschild Investment Partners (EdRIP) led the round, with participation from Biogen Idec New Ventures, Fortis Private Equity, as well as existing series B investors Index Ventures, Forbion Capital Partners, and Credit Agricole Private Equity.
The capital will fund development of antibodies PG102 and PG110 and will also go toward progressing earlier-stage programs. A Phase I study with PG102, a CD40 antagonist, in psoriatic arthritis patients is expected to start by the middle of this year. A chimeric version of this molecule has been successfully evaluated in an open-label study in Crohn’s disease patients. A double-blind, placebo-controlled, single ascending-dose study is planned for the second half of 2009.
PG110, a humanized antibody targeting nerve growth factor (NGF), is currently in preclinical development. PanGenetics anticipates initiating a double-blind, placebo-controlled study in patients suffering from chronic pain, with results in late 2009.
