OXFORD, England, Jan. 29 /CNW/ - Circassia Ltd, a specialty
biopharmaceutical company focused on controlling immune system responses,
announced today that it has successfully raised GBP11 million ($21.8 million)
in an oversubscribed second round funding. The investment syndicate includes
new investors Goldman Sachs and Invesco Perpetual, as well as existing
investors, including Imperial Innovations and Lansdowne Partners.
"Completing this financing is a testament to the potential of Circassia's
business, management and technology," said Steve Harris, Circassia's CEO. "We
have made good progress advancing our anti-allergy products during the last
year, and successfully completing this funding, particularly in the current
challenging market conditions, is a strong vote of confidence from a syndicate
of world-class investors."
Circassia, whose immune control technologies target allergies and organ
rejection, completed an initial investment round of GBP6 million
($11.8 million) in January 2007. During the last year the company has
finalised preparations to complete the phase II clinical testing programme for
its lead product against cat dander allergy, and finalised the acquisition of
its ToleroTrans organ anti-rejection technology. Following this second
investment round, Circassia has increased its current cash balance to GBP15
million ($29.8 million), and plans to utilise the funds both to progress its
clinical development programmes and to acquire additional technologies that
fit its specialty business model.
Circassia's products have the potential to address significant market
opportunities. Currently, over 150 million people suffer from allergic
rhinitis in the US and Europe, and existing treatments either provide
symptomatic relief only or require lengthy specialist physician supervision
over a period of many months due to potential serious, even life-threatening,
adverse reactions. In contrast, Circassia's technology uses small sections of
the allergen molecules responsible for causing allergies (termed T-cell
epitopes) to rapidly desensitize sufferers, while minimizing the potential for
adverse reactions. The company's ToleroTrans technology uses a similar
scientific approach designed to desensitize transplant patients and thereby
reduce the risk of organ rejection.
Circassia is a specialty biopharmaceutical company focused on developing
medicines designed to control immune system responses. The company has a
highly experienced management team with a proven track record in product
development and commercialisation, and having successfully completed two
substantial fundraising rounds is backed by a syndicate of world-class venture
capital and institutional investors.
Circassia's lead products target allergies utilising the company's
proprietary T-cell epitope desensitization technology, which was originally
developed at Imperial College London. The company is also developing its
ToleroTrans organ anti-rejection technology, which uses a similar approach to
down-regulate immune responses in transplant patients. Circassia has a number
of ongoing development programmes, with the most advanced against cat dander
allergy having successfully completed a phase II clinical trial.
For more information please visit http://www.circassia.co.uk.
For further information:
For further information: Contacts: Steve Harris, CEO, Circassia, Tel:
+44-(0)1865-784574, Mobile: +44-(0)7802-873070; Rob Budge, RJB Communications,
Tel: +44-(0)1865 760969, Mobile: +44-(0)7710-741241