Funds keep Archimedes Pharma buoyant
pharmafile | March 3, 2010 | News story | Research and Development | Archimedes, funding
Archimedes Pharma has completed the biggest fundraising by a private European biotech in 15 years by securing £65 million.
The funding was led by new investor Novo Growth Equity, the growth equity fund of Novo A/S, and included participation by major current investor and global equity firm Warburg Pincus.
Simon Turton, managing director of Warburg Pincus, said: “We have supported Archimedes since its foundation in 2004 and are delighted to invest again in such an exceptional company as it enters a new stage in its growth.”
Archimedes has also appointed new chief executive Jeffrey Buchalter, formerly president of US-based Enzon Pharma.
Commenting on Buchalter’s appointment Turton said: “We are particularly pleased to welcome Jeff as president and chief executive and to the Board of Archimedes. His vast experience and knowledge of the pharmaceutical industry, and specifically oncology, will be instrumental in accelerating the company’s success through an international platform.
“This major injection of funding and the appointment of Jeff as the new president and chief executive mark the beginning of a new phase in Archimedes’ growth plans.”
Buchalter commented: “Archimedes is at a transformational stage in its development. It has built up a successful specialty pharma business in Europe and has filed its lead product, PecFent, for product approval in both Europe and the US.
“I am delighted to join as president and chief executive to accelerate the expansion of Archimedes’ business in Europe, and build the operations in the US market.”
The funds will help support the global launch of its core product PecFent. PecFent, a fentanyl nasal spray for the treatment of breakthrough cancer pain, is currently filed for FDA and EMA approval. Archimedes is hopeful that their intranasal spray will be approved and launched in 2010.
In phase III trials, PecFent met its primary and secondary end-points. In the trials, pain relief over morphine was said to be ‘significant’ over immediate release morphine with higher levels of patient acceptability.
The intranasal spray uses a volume of 100mcl direct into the nostril with effects felt after approximately five minutes.
Ulrik Spork, managing partner of Novo Growth Equity, said: “We have been impressed with the successful track record of Archimedes over the last five years, and are very pleased to contribute to the further transformation of the company with the launch of Pecfent, Archimedes’ nasal fentanyl spray, in Europe and the US.
He continued: “Archimedes represents and ideal investment opportunity for us and supports our strategy to take major stakes in promising late stage life sciences companies with near-term commercial potential.”
Archimedes is a European specialty pharma company with established commercial organisations in the UK, France, Germany, Ireland and Spain.
Archimedes’ products include: Gliadel, for high grade glioma; Zomorph, an oral sustained release morphine product for cancer pain; Oramorph, an immediate release liquid morphine product for moderate to severe pain and Apomorphine Injection for motor fluctuations in advanced Parkinson’s disease.
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