Biopheresis Technologies, Inc. Announces 6.5 Million Euro Financing from International Investors; Cancer Clinical Trial Planned for 2005
Biopheresis Technologies, Inc., a U.S. company currently developing a novel cancer treatment system, announced today a 6.5 million Euro Series A preferred stock financing with Scandinavian Life Science Venture (SLS), Stockholm and First Ventury, Heidelberg.
Cary, NC (PRWEB via PR Web Direct)
May 11, 2005 -- Biopheresis Technologies, Inc., a U.S. company currently
developing a novel cancer treatment system, announced today a 6.5 million Euro
Series A preferred stock financing with Scandinavian Life Science Venture (SLS),
Stockholm and First Ventury, Heidelberg. The Company completed a clinical trial
in 2004 that demonstrated capability of its proprietary medical device to remove
specific immune inhibitors from the blood of cancer patients. Proceeds from this
financing will be used primarily to conduct further clinical trials to
demonstrate the effect of the Company's therapy on tumor disease, patient safety
and well-being.
George Rehm, Managing Partner of First Ventury, said,
"The immunological and medical device based therapy of Biopheresis is a
fundamental new approach to the treatment of cancer, and we believe this
approach will provide a major improvement in cancer therapy."
Commenting
on this significant financing milestone, Santo J. Costa, Chairman of
Biopheresis, said, "This investment in Biopheresis by SLS and First Ventury, who
are leading investors in new medical technologies, further validates the
Company's technology and our approach to the treatment of cancers. These two
exceptional investment partners have already made important contributions to the
Company's development, and with their funding we now will be able to accelerate
the development of this new cancer treatment system."
Jan Sundqvist, Senior Investment Director of Scandinavian Life Science
Venture, further commented, "Our relationship with Biopheresis marks another
investment by SLS in companies with promising new medical technologies. We are
impressed that the Company has already developed its technology and is in the
process of defining manufacturing processes for scale-up and clinical trials. We
are looking forward to the rapid maturation of Biopheresis' technology through
further clinical trials and introduction of the Company's treatment into the
medical marketplace."
About Biopheresis Technologies, Inc.
The
Company’s immunological therapeutic approach is based on data that specific
inhibitors in the blood produced by cancer cells retard or prevent an otherwise
normal immune system from recognizing and destroying tumor cells. These
inhibitors have been shown to be soluble Tumor Necrosis Factor receptors
("sTNFRs") and to be overproduced in cancer patients. The Biopheresis technology
removes these inhibiting sTNFRs, to allow the body’s own TNF mediated immune
response to attack and destroy tumors.
The Company's therapy uses a
medical device, an immuno-affinity column that specifically removes inhibiting
sTNFRs from patients' blood. Filing is in process for a CE (Conformite
Europeanee) Mark in Europe for this medical device and a controlled breast
cancer treatment trial is expected to begin in Europe in autumn 2005.
Biopheresis also plans further discussions with the FDA to begin the clinical
and regulatory approval process in the United States.
The Company has a
number of patents issued in the United States, Europe and other countries. Other
patent applications are pending both internationally and in the US. Proceeds of
this financing will be used to complete the CE Mark process, conduct follow-on
clinical trials and develop the Company's infrastructure. Biopheresis' U.S.
headquarters are in Cary, North Carolina and European headquarters are in
Heidelberg, Germany.
About Scandinavian Life
Science Venture
SLS Venture, a Scandinavian-based venture capital company, is
one of the largest investment funds in Scandinavia in the life science sector
with approximately 270 million Euros under management. The vision of SLS Venture
is to become a leading life science investor with the aim of maximizing return
on investment by supporting high-potential small and mid-sized life science
companies with a unique combination of capital, industrial and financial
expertise and networks.
About First Ventury
Since its founding in
April 2000, First Ventury has become one of Germany's leading venture capital
firms. First Ventury invests in innovative start-up and early stage high
technology companies in Europe and North America that have the potential to
become market leaders. The Company employs a consistent, well defined investment
process from the initial investment through to exit. First Ventury's management
team consists of investment professionals with many years of international
operational and entrepreneurial experience. This team has access to an extensive
international network of advisers who provide the Company with management and
industry expertise throughout the entire investment process.
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Source : http://www.prweb.com/releases/2005/5/prweb239066.htm