Quantcast

Shield Therapeutics Raises EUR8.2 Million From Inventages Venture Capital via Series A Institutional Round

June 1, 2011

LONDON, June 1, 2011 /PRNewswire/ –

– New Investment to Further Fund the Phase III Clinical Programme of
ST10-021 in Iron Deficiency Anaemia

Shield Therapeutics (Shield), the independent specialty pharmaceutical
company focused on the development and commercialisation of late-stage
hospital pharmaceuticals, today announces that it has successfully raised
EUR8.2m (CHF10m/US$12m) from Inventages Venture Capital (Inventages) in its
first institutional (Series A) financing round.

“We are delighted to have successfully completed this fundraising which
serves as further validation of the potential of ST10-021 as a novel
treatment for iron deficiency anaemia and Shield’s development strategy,”
said Carl Sterritt, Chief Executive Officer and Co-Founder of Shield
Therapeutics. “We look forward to working closely with the Inventages team to
benefit from both their experience of working with high-growth companies like
Shield and their excellent track record in helping to create significant
value for shareholders. Shield is now well positioned to build upon the
progress achieved to date as we can accelerate our plans and commence AEGIS I
and II – the pivotal trials for ST10-021 – during 2011.”

The new investment will help fund the Phase III pivotal development
programme and subsequent filing of a marketing authorisation application for
ST10-021, a novel stable complex of ferric iron in an oral formulation
initially being developed for the treatment of iron deficiency anaemia, a key
symptom of both ulcerative colitis and Crohn’s disease. Shield Therapeutics
will commence international Phase III trials of ST10-021 in patients with
these indications in the second half of 2011.

The investment by Inventages follows the recent completion of a final
private investor led fundraising and was made at a post-money valuation of
EUR35m (CHF43m/US$51m). The investment is scheduled in two equal tranches
over the next two years. Prior to the investment by Inventages, Shield
Therapeutics successfully completed three private investment rounds, raising
a total of approximately EUR6 million (CHF7.5m/US$9.0m).

Gunnar Weikert, the Chairman of Inventages who will be joining the Board
of Shield Therapeutics, commented: “We are excited by the opportunity to work
together with the dynamic and experienced team of Shield and to develop this
novel treatment for iron deficiency anaemia, which is one of the most common
global disorders. ST10-021 has the potential to help a large number of
patients who are currently on intravenous therapy or cannot cope with the
side effects of oral ferrous drugs.”

Shield Therapeutics was advised on the transaction by law firms Turner
Parkinson
(in the UK) and Kellerhals (in Switzerland).

About Shield Therapeutics

Shield Therapeutics, founded in 2008, is an independent specialty
pharmaceutical company focused on the development and commercialisation of
late-stage, mineral-derived hospital pharmaceuticals which address areas of
high unmet medical need. During 2011 Shield will be commencing global pivotal
Phase III studies of its lead asset, ST10-021, for the treatment of iron
deficiency anaemia associated with inflammatory bowel disease and
subsequently chronic kidney disease. The Company is headquartered in
Wollerau, Switzerland. For further information, please visit
http://www.shieldtherapeutics.com.

About Inventages Venture Capital

Inventages is one of the world’s biggest specialised life science venture
capital investors with US$1.5 billion committed capital. It invests globally
in healthcare, medical nutrition and consumer health and operates out of four
offices: Nassau (Bahamas), London (United Kingdom), Geneva (Switzerland), and
Auckland (New Zealand). Beyond capital infusion and board participation,
Inventages strives to contribute to the growth of the management teams and
companies in which they invest by leveraging its experience, together with
extensive networks and relationships. For further information, please visit
http://www.inventages.com.

    For more information about Shield, please contact:

    M:Communications
    Mary-Jane Elliott / Emma Thompson
    Tel +44(0)20-7920-2342
    E-mail: shield@mcomgroup.com

SOURCE Shield Therapeutics


Source: newswire



comments powered by Disqus