SOURCE: FORMAC Pharmaceuticals N.V.
November 07, 2007 03:00 ET
FORMAC Pharmaceuticals Raises EUR1.7 Million to Launch New Drug Delivery Business
LEUVEN, BELGIUM--(Marketwire - November 7, 2007) -
November 7, 2007 - Leuven, Belgium. FORMAC Pharmaceuticals
N.V.
announced today that it has raised EUR1.7 million (USD2.4 million)
to
start up a new drug delivery business focused on the development
of
improved oral formulations of small organic drug compounds.
FORMAC
is a spin-off company from the University of Leuven
(K.U.Leuven)
based on four proprietary drug delivery technologies. The
financing
round was led by Allegro Investment Fund, Hunza Ventures,
Gemma
Frisius Fonds K.U.Leuven II and Vinnof.
FORMAC will use its proprietary technology platform as
a
starting-point for the in-house development of improved
delivery
forms of generics and branded drugs of which the patent rights
are
near expiration. In parallel, FORMAC will provide access to
its
unique drug delivery technologies and pre-formulation skills
in
contract R&D and licensing collaborations with
pharmaceutical
companies.
FORMAC's technology platform results from a long-
term
multi-disciplinary academic collaboration between the
following
K.U.Leuven research groups: Department of Pharmaceutical
Sciences
(Prof. Guy Van den Mooter and Prof. Patrick Augustijns),
Department
of Microbial and Molecular Systems (Prof. Johan Martens),
Department
of Metallurgy and Materials Engineering (Prof. Jan van Humbeeck)
and
Department of Pathophysiology (Prof. Paul Rutgeerts).
"Drug delivery is a booming business and FORMAC intends to become
one
of the key players in this industry", says Laurens G. Theunis,
Chief
Executive Officer of FORMAC. "This investment will allow us
to
rapidly advance our internal programs towards clinical
development
and to gradually expand our global commercialization activities".
"We were impressed with the enormous scientific and
commercial
potential of FORMAC's technology platform", says Geert
Everaert,
Managing Partner of Allegro Investment Fund and Chairman of
FORMAC.
"FORMAC's new approach to drug development will allow
pharmaceutical
companies to enhance R&D productivity as well as to address the
need
for better and safer medicines".
About the investors:
* Allegro Investment Fund is a Belgium-based open end seed
capital
investment fund, focusing on high-tech ventures. The fund
combines more then 40 years of experience in high-tech start-
up
management.
* Hunza Ventures is the venture capital arm of a privately held
group. The group aims at investing in companies with great
potential for value creation and applying its business
experience, knowledge and network to make them best-in-class.
As
a venture capitalist, Hunza focuses on investments in high-
tech,
biotech/pharma and Medtech industries.
* Gemma Frisius Fonds K.U.Leuven is the venture capital fund of
K.U.Leuven, a partnership between Fortis Private Equity, KBC
Private Equity and K.U.Leuven Research & Development. With a
total of 25 million euros at its disposal, the fund provides
seed
and start-up capital to spin-offs that aim to commercialize
knowledge and research results developed at K.U. Leuven or at
an
institute of higher education in the K.U. Leuven Association.
* Vinnof (Vlaams Innovatiefonds - Flemish Innovation Fund) is an
early stage/seed capital provider for young, innovative
companies
and start-ups based in Flanders. Vinnof is a 100% subsidiary
of
ParticipatieMaatschappij Vlaanderen NV, the investment vehicle
of
the Flemish government. Through its investments, Vinnof aims
to
facilitate financing by private investors, either at the same
time or in a next phase.
More information about FORMAC:
Laurens G. Theunis
Chief Executive Officer
FORMAC Pharmaceuticals N.V.
E-mail: laurens.theunis@formacpharma.com
Phone: +32 478 244 451
Web: www.formacpharma.com
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