PanGenetics raises $35M to advance pipeline

Dutch antibody-based drug developer PanGenetics BV has closed a series C financing round raising a total of 23.0 million euros ($34.9 million). The round was led by Edmond de Rothschild Investment Partners, with participation from Biogen Idec New Ventures and Fortis Private Equity, as well as existing series B investors Index Ventures, Forbion Capital Partners and Credit Agricole Private Equity.

The capital raised will fund the clinical progression of PanGenetics' therapeutic antibody projects PG102 and PG110, as well as progressing programs at an earlier stage. A Phase I study of the company's CD40 antagonist PG102 in psoriatic arthritis patients is expected to start mid-year. The chimeric version of the molecule has already been successfully evaluated in an open-label trial in Crohn's disease, and the planned double-blind, placebo-controlled single ascending-dose study will read out in the middle of 2009. PG110, a humanized antibody targeting nerve growth factor, is currently in full preclinical development. After this it will enter a study in chronic pain geared towards clinical proof of concept and with results anticipated in late 2009.