APEPTICO will use the capital to push ahead the pre-clinical development.
APEPTICO, a biotechnology company developing novel peptide-based drugs, announced completion of a seed financing round. The EUR 1 Mio equity financing round was led by The BioScience Ventures Group AG (BSVG, http://www.bsvg.com, Munich/Germany) and included the participation of the Swiss business angel Dr. Jürg Geigy. Both, BSVG and Dr. Geigy are specialised in early stage investments in the biotech industry. The completion of the financing round entitled APEPTICO to receive a grant of EUR 1.2 Mio from the Austrian Research Promotion
APEPTICO will use the allocated capital to push ahead the pre-clinical development of its lead compound AP301. AP301 is a short and chemically synthesized cyclic peptide that is being developed for the treatment of pulmonary oedema in Acute Lung Injury (ALI) / Acute Respiratory Distress Syndrome (ARDS). Both, ALI and ARDS are life-threatening conditions with high mortality rates, and no specific therapeutic or prophylactic drug has been approved by the EMEA or FDA until now. AP301 has additional significant potential in other lung diseases, such as pneumonia and lung transplantation. Patents covering AP301 were recently granted in the EU and the USA.
APEPTICO plans to nominate further molecules for formal pre-clinical development in the future and to broaden application of its PEPBASEÔ discovery platform in the field of peptide drug identification and validation.
Dr. Bernhard Fischer, CEO of APEPTICO commented: "We are delighted to have secured seed financing, especially at this time of global economic crisis. The commitment of the BSVG and Dr. Jürg Geigy demonstrates the great confidence of our investors in APEPTICO's drug development concept."
APEPTICO is a biotechnology company and a Start-up in the INiTS Business Incubator located in Vienna. The Academic Business Incubator INiTS offers support, advice and funding for academics who are aiming to start up their own company.