ActoGeniX raises money for oral delivery of protein drugs

02 Oct 2006 | News

Round closed

ActoGeniX NV of Ghent, announced the successful closing of its Series A financing round in which it raised €11.5 million. The round was co-led by GIMV of Antwerp, and Life Sciences Partners of Amsterdam, with Biotech Fund Flanders also participating.

The company, a spin-off from the Flanders Interuniversity Institute of Biotechnology (VIB) and Ghent University, was founded last June with seed capital from GIMV, VIB and the management team.

This financing will allow ActoGeniX to start development products based on its TopAct technology platform, a proprietary delivery system comprising living non-pathogenic micro-organisms for the oral administration of biopharmaceuticals.

VIB and Ghent University are the original inventors of this technology. ActoGeniX' products will address a broad range of diseases, including gastrointestinal diseases, auto-immunity, allergy and metabolic diseases. The lead product for the treatment of Crohn's disease has already been in successful clinical trials.

Mark Vaeck, joined the company as CEO, from his former position as the co-founder and CEO of Ablynx NV. “I am delighted with the completion of this successful financing round, which provides ActoGeniX from the start with a substantial amount of money from high-quality and knowledgeable biotech investors, which is a clear endorsement of the future potential of this company,” said Vaek.

“ActoGeniX is now well-positioned to execute its ambitious business plan and quickly build a valuable portfolio of preclinical and clinical-stage products based on its proprietary TopActplatform.'

“We have built a proprietary position around the TopAct technology and products and we are glad to be able to transfer this platform into the hands of an experienced management team, supported by highly reputed international venture capital funds,”' said Rudy Dekeyser, vice-general director of VIB.

Patrick Van Beneden, Director Life Sciences of GIMV added, “We see Actogenix as one of the more promising companies that recently have been started here in Flanders.”

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