Circassia raises funds to develop allergy products
pharmafile | April 19, 2011 | News story | Research and Development | Circassia, UK biotech, biotech
UK biopharma company Circassia has raised £60 million funding for the final stage of development of its anti-allergy products.
The new investment will fund development of Circassia’s cat and ragweed allergy therapies which are in phase III, and completion of phase II testing for T-cell vaccines for house dust mite and grass allergy.
Three additional allergy therapies as well as Circassia’s recently acquired psoriasis treatment will also benefit from the new money.
Circassia was founded in 2006 by a team of biotech scientists and entrepreneurs, and is chaired by the former GSK chairman, Sir Richard Sykes. The company is based on the Oxford Science Park, and in Hamilton, Canada, where its joint venture Adiga Life Sciences is located.
Its ToleroMune technology was developed originally by scientists at Imperial College, London.
Its latest clinical results show that short treatment regimes with Circassia’s T-cell vaccines can greatly reduce patients’ allergic reactions, without the need for adjuvants or other immune stimulators, while proving extremely well tolerated.
The privately held company is backed by a syndicate of venture capital and institutional investors, including Imperial Innovations and Invesco Perpetual, which led the funding round.
In addition to the £15m that Innovations has committed to investing, Invesco Perpetual and other existing shareholders are supporting the funding round which will be made in two tranches over two years. Innovations‘ first installment is £6.3m. The balance will be paid subject to the achievement of certain milestones.
Susan Searle, chief executive of Imperial Innovations, said: “This funding round, our largest to date, for one of our leading portfolio companies is a clear demonstration of intent – both in terms of value creation and, as previously stated, support of our larger successful companies with substantial funds.
“Circassia has made great progress in the last five years, having completed a range of major clinical developments. Its unique ToleroMune technology has the potential to revolutionise allergy treatment in a market that is worth approximately $12 billion per year.
She concluded: “The funding will play a key role in progressing the company’s lead products to market.”
Andrew McConaghie
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