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Action Pharma Raises EUR 15 Million from International Investors
Action Pharma A/S, a Danish biotech company dedicated to the discovery and development of novel drugs for the treatment of Type 2 diabetes and other diseases, including organ failure, has announced that it has signed a financing agreement with new and existing investors, raising a total of EUR 15 million. Action Pharma is now fully financed until mid-2009.
Swiss/German Global Life Science Ventures (GLSV) and Scandinavian SLS Venture (SLS) will as new investors invest a total of EUR 8 million, while and the existing investors InnovationsKapital of Sweden, Sunstone Capital and Inventure Capital of Denmark will invest a total of EUR 7 million. The raised capital allow Action Pharma to further develop its pipeline of drug candidates, currently comprising 7 projects of which two are in clinical development.
The most advanced project is AP214 for the prevention of organ damage in connection with major surgery for life threatening cardiovascular diseases. A clinical Phase II trial in the US is expected to be initiated in the first half of 2008. The company's second clinical compound, AP1030, focused on the treatment of Type 2 diabetes, will complete an initial Phase I clinical study in Sweden in the first quarter of 2008.
Read the full press release and visit the website of Action Pharma.
