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Sopherion Therapeutics Raises $47M in Series B Funding and Acquires North American Rights to Myocet®
-- Launch Planned for First Quarter of 2005 in Canada --
New Haven, CT – Sopherion Therapeutics, Inc., a biopharmaceutical company
focusing on the development and commercialization of anti-cancer therapies,
today announced the completion of a $47 million Series B venture funding. The
financing was led by TL Ventures and included the Sprout Group, ProQuest,
Canaan Partners, HealthCap, NewSpring Ventures, L.P., Commerce Health
Ventures, and Seaflower Ventures.
In connection with this financing, Sopherion also announced that it has entered
into an exclusive licensing agreement with Medeus Pharma Ltd. for the future
commercialization of Myocet® in North America. Financial terms of the
agreement were not disclosed.
Myocet has been approved by the European and Canadian regulatory agencies for
first line therapy in combination with cycophosphamide for patients with
metastatic breast cancer. Under the terms of the agreement, Sopherion intends to
launch Myocet in Canada no later than the first quarter of 2005. In the United
States, Sopherion will manage the regulatory process, and pending FDA approval,
be responsible for the marketing and sales of this therapy. To date, several large
clinical trials of Myocet have been completed in the United States and Europe.
The Company intends to conduct additional clinical studies prior to filing a New
Drug Application.
Myocet is a liposome-encapsulated doxorubicin-citrate complex. By
encapsulating doxorubicin in a liposome (liposomes are manufactured,
microscopic, closed, vesicles consisting of discreet aqueous compartments
surrounded by membranes composed of naturally occurring fats), its distribution
in the body is altered in such a way as to reduce the drug’s toxicity while
maintaining or, in some cases, increasing efficacy. Extensive clinical studies of
Myocet in women with breast cancer have shown that the severe toxicity of
doxorubicin to the heart and the cells that line the gastrointestinal tract can be
significantly moderated while the efficacy of the drug is maintained.
Medeus Pharma currently markets Myocet in the United Kingdom, Austria,
France, Germany, Ireland, Italy, Portugal and Spain. The therapy was acquired
when Medeus Pharma purchased certain assets from the European franchise of the
Elan Corporation. Elan obtained Myocet from the Liposome Company, which
discovered and developed the drug therapy.
In addition to the Myocet initiatives, the proceeds of the Series B will be used to
validate a widely applicable lead discovery platform and to fortify Sopherion’s
infrastructure.
“This marks a significant time in Sopherion’s evolution as this changes us from a
research-oriented company to a fully integrated oncology company with
marketing, sales, clinical and regulatory capabilities. We are now ramping up to
launch Myocet in Canada and finalizing its US regulatory strategy,” stated Ronald
H. Goldfarb, Ph.D., President and CEO of Sopherion Therapeutics. “I am also
very pleased that we have attracted an outstanding investment syndicate. In
addition, TL Ventures, our lead investor, played an integral role in the licensing
agreement.”
“Having worked on the development of this therapy at The Liposome Company, I
understand its significant potential impact on patients not only suffering from
metastatic breast cancer, but also a wide variety of neoplasms,” stated Marc
Ostro, Ph.D., Managing Director at TL Ventures. Dr. Ostro was previously the
co-founder, President, Vice Chairman, and Chief Science Officer of The
Liposome Company. “I am delighted that Sopherion now has the opportunity to
usher Myocet forward in North America.”
“We selected Sopherion as our partner based on the Company’s FDA registration
strategy, their significant experience in oncology, the vision of their management
team, and their strong launch and market strategy,” stated Bryan Morton, Chief
Executive Officer at Medeus Pharma.
About Sopherion
Sopherion is dedicated to the acquisition, discovery, development, and commercialization of molecules with unique therapeutic activities that address
unmet medical needs in the oncology arena and that extend and enhance human
life.
