Circassia Completes GBP60 Million ($98 Million) Fundraising for Final-Stage Development of Lead Allergy Products

April 19, 2011

OXFORD, England, April 19, 2011 /PRNewswire/ — Circassia Ltd, a
specialty biopharmaceutical company focused on allergy, today announced that
it has closed a GBP60 million ($98 million) fundraising. The funding round
was led by Imperial Innovations, and included investments from other existing
shareholders, including Invesco Perpetual. The investment, which is scheduled
in two tranches over the next two years, is the second largest fundraising by
a privately-held European biopharmaceutical company this year, and the third
largest in more than 15 years. To date, Circassia has successfully completed
four investment rounds, raising approximately GBP93 million ($159 million).

The new investment will fund phase III development programmes for
Circassia’s cat and ragweed allergy therapies. The financing will also fund
the completion of phase II testing of the company’s house dust mite and grass
allergy T-cell vaccines, and will advance the development programmes for
three additional allergy therapies and Circassia’s recently acquired
psoriasis treatment, PAP-1.

“The success of this fundraising follows a year of major clinical and
corporate achievements for Circassia,” said Steve Harris, Circassia’s CEO.
“We have achieved positive phase II results in our three lead allergy
programmes and extended our portfolio into the autoimmunity field. Since
Circassia’s establishment five years ago, we have built a company with a
broad pipeline, completed numerous phase II trials and raised significant
investment funding. The new financing announced today will allow us to build
on this progress, and transform Circassia into a world-class immunotherapy

Susan Searle, Chief Executive Officer of Imperial Innovations, said, “We
have led each investment round for Circassia since the company was founded,
and are delighted to do so again. Circassia has made great progress in the
last five years, and we are pleased to contribute to this next
transformational stage in the company’s growth.”

About Circassia’s allergy T-cell vaccines

Circassia is developing a range of allergy T-cell vaccines based on its
proprietary ToleroMune(R) technology. The company has successfully completed
a number of phase II studies with its cat, house dust mite and ragweed
allergy products, and its grass allergy therapeutic is in clinical testing.
Clinical results to date show that short treatment regimes with Circassia’s
T-cell vaccines can greatly reduce patients’ allergic reactions, without the
need for adjuvants or other immune stimulators, while proving extremely well
tolerated. As a result, the treatments offer major potential clinical
benefits compared with existing therapies, and have significant market
opportunities. Over 150 million people suffer from allergic rhinitis in the
US and Europe, and the current treatment market is approximately $12 billion
per year.

About Circassia

Circassia was founded in 2006 by a team of highly experienced
biotechnology scientists and entrepreneurs, and is chaired by the former
Chairman of GlaxoSmithKline, Sir Richard Sykes. The company is based in the
UK on the Oxford Science Park, and in Hamilton, Canada, where its joint
venture Adiga Life Sciences is located. Its ToleroMune technology was
developed originally by scientists at Imperial College, London. Having
successfully completed four fundraising rounds Circassia is backed by a
syndicate of world-class venture capital and institutional investors,
including Imperial Innovations and Invesco Perpetual.


    Steve Harris             Rob Budge
    CEO                      RJB Communications
    Circassia                Tel: +44(0)1865-760969
    Tel: +44(0)1865-784574   Mobile: +44(0)7710-741241


SOURCE Circassia Ltd

Source: newswire

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