Dutch antibody specialist closes €23M round

Funding round completed

PanGenetics BV closed a third financing round of €23 million, one of the largest private rounds in the Dutch biotech sector to date. It was led by Edmond de Rothschild Investment Partners (EdRIP), with participation from Biogen Idec New Ventures and Fortis Private Equity, along with existing investors Index Ventures, Forbion Capital Partners and Credit Agricole Private Equity.

The money will fund the clinical progression of PanGenetics’ therapeutic antibody programmes PG102 and PG110 and advance preclinical  programmes.

A phase I study of PG102, a CD40 antagonist, in treating psoriatic arthritis is expected to start mid year. The chimeric version of the molecule has already been successfully evaluated in an open label study in Crohn’s Disease patients, and results of the planned double blind, placebo-controlled single ascending dose study will be available in the middle of 2009.

PG110, a humanised antibody targeting nerve growth factor, is currently in full preclinical development, after which it will enter a double blind, placebo-controlled study in patients suffering from chronic pain. The design of this study will be geared towards clinical proof of concept and results are anticipated in late 2009.

Raphaël Wisniewski, who will join the supervisory board of PanGenetics on behalf of EdRIP said, “We are very excited to lead this new round of financing. This highly experienced management team has a unique expertise in the therapeutic antibody development field.”

Biogen Idec New Ventures is the venture arm of Biogen Idec. The US biotech has longstanding expertise in the CD40 pathway, the target of PG102, PanGenetics’ lead molecule. John Dunn, of Biogen Idec New Ventures said, “Clearly Biogen Idec’s investment in PanGenetics speaks to our continued belief in the importance of this pathway.”