vasopharm Announces EUR 20 million Fundraising to Progress Treatment for Traumatic Brain Injury
Phase III registration study of VAS203 to commence in H1 2016
vasopharm GmbH, a privately held biopharmaceutical company focusing on novel therapeutics for the treatment of cerebrovascular diseases, today announced it has successfully raised EUR 20 million of new capital. The financing was co-led by existing investors Entrepreneurs Fund, Heidelberg Capital Private Equity and new investor, UK based Fort Rock Capital. Existing investors Bayern Kapital and funds advised by Hanseatic Asset Management LBG also participated in the round. Dr Mario Alberto Accardi, Venture Partner at Fort Rock Capital will be joining the Board of the company as a Non-Executive Director.
The EUR 20 million will fully fund a pivotal, European Phase III study with vasopharm's lead product VAS 203 in moderate to severe Traumatic Brain Injury (TBI). All preparatory groundwork for the clinical trial has been finalised over the last 12 months and "First patient in" is expected in H1 2016.
Christian Wandersee, Chief Executive Officer of vasopharm, commented:
"We are delighted to have successfully raised EUR 20 million to conduct a Phase III study of VAS203, bringing a drug for a highly unmet need closer to market. TBI is a very challenging indication which has proven intractable to all previous pharmacological intervention. We have been extremely rigorous in analysis of our exceptional Phase II data and believe that, in VAS203, we have a drug which will provide physicians with a real opportunity to improve long-term outcomes in this devastating condition."
Dr Andrew Clark, Chairman of the Board of vasopharm added:
"This fundraising is a strong financial and scientific endorsement of the pipeline and management team. We appreciate the commitment of our existing investors and the continued confidence they have shown in vasopharm. We would like to welcome Dr Mario Alberto Accardi to the Board and look forward to benefiting from his expertise as we advance our programs."
VAS203 Phase II results demonstrated statistically significant improvements to both short term (Therapy Intensity Level) and long term (extended Glasgow Outcome Scale, 6 months and 12 months) measures of treatment efficacy. Following interaction with the European Medicines Agency (EMA) vasopharm has designed a Phase III registration study in Europe which, if successful, would lead to regulatory submission of VAS203 for the treatment of moderate and severe TBI. VAS203 has been granted orphan drug status for the treatment of moderate to severe TBI by the EMA. Severe TBI alone is estimated to cost the European Union EUR 33 billion annually. (1)
P+P Pöllath + Partners, Munich provided legal advice to the company; Jones Day, Munich to the investor Entrepreneurs Fund and funds advised by Hanseatic Asset Management LBG, Hogan Lovells, Frankfurt to new Investor Fort Rock Capital and Weitnauer Rechtsanwaelte, Munich to Bayern Kapital.back