Funding round
Austrianova Biomanufacturing AG has announced the first closing of a €35 million round to fund the development of its novel drug delivery technology, NovaCaps.
Thomas Fischer, CFO of Austrianova, said, “These funds will enable us to realise the full potential of our proprietary NovaCaps in pancreatic and other cancer indications.”
The money will allow Austrianova to complete phase III trials of the NovaCaps cell encapsulation technology in treating pancreatic cancer. The company is currently commissioning a GMP (good manufacturing practice) manufacturing facility in anticipation of obtaining marketing authorisation for the product in 2009/2010. Trials of Novacaps in other indications, including the treatment of liver, head and neck, and ovarian cancer, are due to begin in 2008.
Austrianova, which is based in Vienna, Austria, was spun out of the Research Institute for Virology and Biomedicine at the University of Veterinary Medicine Vienna, and works closely with it.
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