March 2, 2010
Archimedes Pharma Announces Major Fund Raising of GBP65 Million
- Appoints new Chief Executive Officer to Accelerate Growth of Business
- US Commercial Operations to be Established
Archimedes Pharma ("Archimedes"), the leading specialty pharma company,
today announced that it has raised
new funding. The round was led by new investor Novo Growth Equity, the growth
equity fund of Novo A/S, and included participation by major current
investor, Warburg Pincus, a global private equity firm. Archimedes also
announced the appointment of a new President and Chief Executive Officer,
The funding round is the largest raised by a private European biopharma
company in the last 15 years and is Novo Growth Equity's first investment
since it was established at the beginning of 2009. The funds will be used to
establish Archimedes' operations in the US and support the growth of the
successful specialty pharma business in
to support the global commercial launch of PecFent*, Archimedes' innovative,
simple-to-use, fentanyl nasal spray for the treatment of breakthrough cancer
pain. PecFent has been filed for approval in
expected to be approved for commercial sale in both regions during 2010.
PecFent is supported by an extensive phase III clinical development programme
in which the product met all primary and secondary end-points. Crucially, the
phase III studies demonstrated that PecFent showed onset of pain relief
within five minutes of dosing, statistically significant improvements in pain
relief versus immediate release morphine, together with high levels of
patient acceptability and consistent effectiveness in use.
industry and has held senior positions at a number of multinational
pharmaceutical companies. He was most recently President and CEO of Enzon
Pharmaceuticals, the US biopharmaceutical company focused on the development,
manufacturing and commercialisation of therapies for patients with cancer and
other life-threatening conditions. Prior to this, he was CEO of ILEX
Oncology, where he led the transformation from a drug development company to
a high quality oncology franchise with established commercial operations. He
has also held key positions at Pharmacia, Wyeth and Schering Plough.
supported Archimedes since its foundation in 2004 and are delighted to invest
again in such an exceptional company as it enters a new stage in its growth.
We are particularly pleased to welcome Jeff as President and CEO and to the
Board of Archimedes. His vast experience and knowledge of the pharmaceutical
industry, and specifically oncology, will be instrumental in accelerating the
Company's success through an international platform. This major injection of
funding and the appointment of Jeff as the new President and CEO mark the
beginning of a new phase in Archimedes' growth plans."
Ulrik Spork, Managing Partner of Novo Growth Equity, said: "We have been
impressed with the successful track record of Archimedes over the last five
years, and are very pleased to contribute to the further transformation of
the Company with the launch of PecFent, Archimedes' nasal fentanyl spray, in
and supports our strategy to take major stakes in promising late stage life
sciences companies with near-term commercial potential."
Archimedes, commented: "Archimedes is at a transformational stage in its
development. It has built up a successful specialty pharma business in
and has filed its lead product, PecFent, for product approval in both
and the US. I am delighted to join as President and CEO to accelerate the
expansion of Archimedes' business in
PecFent, and build the operations in the US market."
The board of Archimedes will now include
*PecFent was previously known as NasalFent.
Notes to editors:
About Archimedes Pharma
Archimedes Pharma ("Archimedes") is a specialty pharmaceutical company
already marketing and selling an expanding portfolio of specialist products
to hospital-based prescribers in major European territories.
Focused on the oncology, pain, neurology and critical care sectors,
Archimedes currently markets a range of products in the UK,
the US during 2010.
Products currently marketed in
biodegradable wafer impregnated with carmustine for high-grade glioma;
Zomorph, an oral sustained release morphine product for moderate to severe
pain, particularly cancer pain; Oramorph, a liquid immediate release morphine
product also indicated for moderate to severe pain; Apomorphine Injection for
motor fluctuations in advanced Parkinson's disease and Pabrinex, a high
potency vitamin formulation used to treat the symptoms of malnutrition
especially in patients with alcohol misuse problems.
Archimedes is also developing a robust, high value pipeline of in-house
products in pain, Parkinson's disease and critical care. It applies its
world-class drug delivery technologies to proven molecules which have yet to
achieve their market potential due to their current mode of delivery. This
approach reduces the company's development risk, while delivering significant
clinical and commercial benefits.
Archimedes submitted a centralised Marketing Authorisation Application
with the European Medicines Agency (EMA) for PecFent in
submitted a New Drug Application (NDA) with the US Food and Drug
Administration (FDA) in
for commercial sale during 2010 in both territories.
Archimedes' transformational product is PecFent, an innovative and highly
differentiated fentanyl citrate nasal spray, for the rapid relief of
breakthrough cancer pain, based on Archimedes' PecSys(TM) technology. Phase
III data illustrates that PecFent has a potential best-in-class profile among
fentanyl products for breakthrough cancer pain and is the first product to
demonstrate onset of pain relief within five minutes of dosing.
PecFent is an aqueous fentanyl citrate solution utilising Archimedes'
proprietary PecSys(TM) technology. The PecFent solution has a low viscosity
and is easily delivered in a low volume of 100mcl using a nasal spray pump.
The pump produces a fine mist of similarly sized spray droplets which are
deposited into the front of the nostril. The calcium ions present on the
nasal mucosa cause the pectin to form a thin gel layer, which allows fentanyl
to be retained on the nasal mucosa, allowing a rapid but controlled
absorption into the systemic circulation. The PecSys(TM) technology avoids
problems associated with simple solutions used in nasal sprays, such as
excessive levels of drug and dripping or swallowing of the drug solution.
Archimedes' technologies - ChiSys(R), PecSys(TM) and TARGIT(R) - are also
used in a number of partnered products in late-stage clinical development.
ChiSys, an innovative drug delivery technology which enhances the residence
time of molecules on mucosal membranes, has proven potential for vaccine
delivery. Pre-clinical and clinical studies of nasally administered vaccines
have demonstrated enhanced immune response. PecSys(TM) is Archimedes'
patented drug delivery system built around its novel pectin technology,
designed to maximise the potential of systemically absorbed drugs by
enhancing drug performance and improving patient acceptance.
For more information, please visit: http://www.archimedespharma.com.
industry. He was previously President and CEO of Enzon Pharmaceutical Inc.
since 2004 and also served as Chairman of the Board of Directors until
where he led the company's transformation from a drug development contract
research organization to a product-driven pharmaceutical company. Before
joining ILEX Oncology Inc., Jeffrey held key roles at Pharmacia, Wyeth
(formerly American Home Products) and Schering-Plough Corporation.
Jeffrey received the American Cancer Society's
Award and an invitation from former President
collaborating partner in the National Dialogue on Cancer. Jeffrey was
recently appointed Chairman to the Board of Trustees of The National
Children's' Cancer Foundation (NCCF); he is also a member of the Board of
Directors of TopoTarget A/S, a publicly held Danish biopharmaceutical company.
Jeffrey has a B.S. in finance from
in marketing from
About Warburg Pincus
Warburg Pincus is a leading global private equity firm. The firm has more
than 100 companies is highly diversified by stage, sector and geography.
Warburg Pincus is a growth investor and an experienced partner to management
teams seeking to build durable companies with sustainable value. Founded in
1966, Warburg Pincus has raised 12 private equity funds which have invested
countries. Since the firm's first European transaction in 1983, Warburg
Pincus has invested more than
investments in Archimedes, Eurand and ProStrakan. Additional life science
investments include Allos Therapeutics, Ganic Pharmaceuticals, InterMune,
Rib-X Pharmaceuticals and ZymoGenetics. The firm has offices in
About Novo A/S and Novo Growth Equity
Novo A/S is the holding and investment company of the Novo Group, and is
wholly owned by the Novo Nordisk Foundation. Novo A/S was formed in 1999 to
actively manage the assets of the foundation. It employs about 30 people and
significant shareholdings in the publicly listed Novo Nordisk A/S (NYSE: NVO)
and Novozymes A/S (NVZMF.PK), Novo A/S provides seed, venture and growth
capital to development stage companies within life science and biotechnology,
as well as manages a broad portfolio of financial assets. Novo A/S is
committing up to
and growth equity life science companies. Of this, nearly two-thirds are
directed to the Novo Growth Equity activities focusing on investment in
promising late stage companies with near term commercial potential. For
further information please visit http://www.novo.dk.
For further information, please contact:
SOURCE Archimedes Pharma