Ganymed closes €65M financing round

Funding round completed

Ganymed Pharmaceuticals AG has closed a €65m financing round, led by ATS Beteiligungsverwaltung GmbH, Munich. ATS was joined in the financing by Future Capital AG in Frankfurt, MIG Verwaltungs AG in Munich, and private investors.

Founded in 2001 as a spin-off from the Universities of Mainz and Zurich, Ganymed is located in Mainz, Germany. The funding will be used to develop the company’s broad antibody pipeline directed against solid tumours.

Clinical trials for the monoclonal antibody Claudiximab (iMAB362) against metastatic gastro-oesophageal carcinoma will commence with a multicentre Phase Ib study in Germany in late 2008. A further five antibody projects are in preclinical development for breast, colorectal, lung, pancreatic and prostate cancers.

“We are really delighted by the trust and the very substantial involvement of our investors in Ganymed,” said Chief Executive and Chief Scientific Officer Dr. Özlem Türeci. “The funds will not only support the clinical tests of our first antibody drug, but they will also allow us to considerably speed up and broaden our pipeline of highly cancer cell specific therapeutic antibodies.”

“This financing round emphasises our profound confidence in Ganymed's team and the Company's broad pipeline,” explained Helmut Jeggle, spokesperson of ATS. “Because of the potential we see in the Company, this is the appropriate step for a long term strategic positioning of Ganymed.”