The investment group Ambient Sound Investments (ASI) has agreed to invest Euros 1.6 million euros in the Estonian biotechnology company Celecure, to accelerate development of its projects.
The deal gives ASI, established by four founding engineers of Skype, 26 percent of Tallin-based Celecure. The company is developing a novel angiogenesis inhibition technology in the treatment of cancer and an antibody technology platform, Entrybody.
In animal tests the lead anti-angiogenesis product SB101 is more effective than Avastin, the only drug currently registered that is able to block the formation of blood vessels within tumours, according to Tarmo Kivi, Celecure’s CEO. In addition, SB101 does not cause toxic side-effects.
The company has filed for patents in the European Union, US, Canada, Australia, Japan, China and India. Kivi says that there is clear interest in the project from several international pharmaceuticals companies and from smaller biotechs.
Entrybody, the second technology under development, consists of antibodies that are small enough to cross the cell membrane and block the effects of intracellular proteins. The technology has potential to address targets that cannot be reached with traditional antibodies.
Kivi said the investment will accelerate the development of the projects. “We are planning to start clinical tests of SB101 by the end of 2008 and develop first constructs with a therapeutic effect under the Entrybody technology. We are also looking for strategic partners for both of the projects.”
Ambient Sound Investments, established by the four founding engineers of Skype, has invested in seven technology companies since March 2006. The portfolio includes semiconductor developer, Clifton, remote tracking device producer, Oskando, radio communications technology developer, Modesat Communications, telemetry company, Connecty, time stamping technology developer, GuardTime, electronics manufacturer Evikon MCI, and the biotechnology group IBCC Holding.
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