The round was led by Edmond de Rothschild Investment Partners, with participation from Biogen Idec New Ventures and Fortis Private Equity, as well as existing series B investors Index Ventures, Forbion Capital Partners and Credit Agricole Private Equity.
The capital will be used for the clinical progression of company’s therapeutic antibody programs PG102 and PG110, as well as progressing programs at an earlier stage. A Phase I study of the company’s CD40 antagonist PG102 in psoriatic arthritis patients is expected to start in mid 2008. PG110, a humanized antibody targeting nerve growth factor (NGF), is currently in full preclinical development, after which it will enter a double blind, placebo controlled study in patients suffering from chronic pain. The design of this study will be geared towards clinical proof of concept and results are anticipated in late 2009.