The company will use the funding to complete the pivotal Phase III clinical development program for its lead product candidate, Myocet. Myocet is a liposomal formulation of doxorubicin designed to reduce the risk of cardiotoxicity while preserving antitumor efficacy.
In January 2008, Zoticon Bioventures in-licensed Myocet and provided funding of $20 million to Sopherion and subsequently led an additional $35 million raise during 2008. Proceeds are to fund Sopherion and complete its global, registrational trial of Myocet in combination with trastuzumab and paclitaxel versus trastuzumab and paclitaxel for first-line therapy of patients with metastatic breast cancer.
Additional investors in the $35 million round include TL Ventures, New Leaf Venture Partners/Sprout Group, ProQuest Investments, Canaan Partners, Devon Park Bioventures, Commerce Bank and NewSpring Capital.
Ronald Goldfarb, president and CEO of Sopherion, said: This funding is an important milestone for Sopherion and represents continued validation for Myocet, which we believe has the potential to become the standard of care for patients with advanced breast cancer when used in combination with trastuzumab and paclitaxel.