Lugano-Bioggio, Switzerland, Sept 29, 2008. - Telormedix SA, a leader in novel immunotherapeutic molecules , has announced the closing of its first Series A equity investment round raising 21 Mio CHF (€13.1 million, $19 million), one of the largest Series A round in Switzerland for a biotech company in 2008. The round was supported by an international syndicate of investors, led by Aravis Venture (Basel, Switzerland), a leading Swiss venture capital firm. Proquest Investments (Princeton-San Diego, USA), a first tier US venture capital co-invested in their first investment in Europe. The round was further supported by a syndicate of investors, including BSI S.A. (Lugano, Switzerland), Nextech Venture (Zurich Switzerland) and Generali Insurance Group (Italy).
The funds will enable Telormedix to advance its lead product TMX-101 in Phase I/II clinical trials in 2009, to develop its internal pipeline of “Innate Immunity” second generation molecules and to expand its operations. Telormedix is working on a class of small molecules that can modulate the innate immune system and have shown preclinical and clinical activity in oncology indications, in autoimmune diseases and as vaccine adjuvants. These molecules have been exclusively licensed from the laboratory of Prof. Dennis Carson at the University California San Diego.
Jean-Philippe Tripet, Managing Partner of Aravis and Alain Schreiber M.D., Managing Partner Proquest Investments will serve on the Board of Directors. Stuart Holden, M.D. the Director of the Louis Warschaw Prostate Cancer Center at Cedars-Sinai Medical Center (Los Angeles, USA) will also join as Director. Thomas Hecht M.D., former head of Medical Affairs and VP Marketing at Amgen Europe, will serve as Chairman. Prof. Rolf Zinkernagel, Nobel Prize laureate and former Director of the Institute of Experimental Immunology of the University of Zurich and Prof. Dennis Carson, Director of Moores Cancer Center at UCSD, will lead Telormedix Scientific Advisory Board.
Dr. Lorenzo Leoni, CEO commented: “We are delighted to have received this strong support from such a remarkable syndicate of investors that validated our business vision. This financing will allow Telormedix to move ahead with an aggressive timeline for the clinical development of TMX-101, which will enter Phase I/II clinical trials in 2009. The size of our Series A financing will also allow us to move forward our pipeline of second generation molecules that have shown impressive activity in preclinical models for a variety of immune-related diseases.
Jean-Philippe Tripet remarked: “We are pleased to have led the seed and first investment round of Telormedix. This unique technology platform from University of California San Diego, combined with strong Swiss know how in Innate Immunity makes Telormedix a unique example on how to attract Swiss entrepreneurs back to Switzerland. Aravis was delighted to help structure and attract a strong syndicate of co-investors in difficult times”.
For further details please contact:
Dr. Lorenzo Leoni, CEO Tel: +41-91-610-7035
For more information, please visit www.telormedix.com