Prosensa raises $18 million Series A financing led by LSP and Abingworth
January 5, 2007
For immediate release
Leiden, The Netherlands, January 5, 2007 – Prosensa Holding B.V., a Netherlands based Biotechnology Company focused on RNA interference therapeutics using exon skipping technology, today announced that it has a signed agreement for $18 million (EUR 13.5 million) in financing. The Series A round was led by LSP and Abingworth, leading international investors based in Amsterdam and London respectively. Medsciences Capital, an existing shareholder, also participated in the round. Prosensa will use the funds to develop its two lead programs, in the field of Duchenne Muscular Dystrophy (DMD), through Phase II clinical studies. Prosensa’s exon skipping technology uses oligoribonucleotides to restore production of dystrophin, the protein defective in DMD patients. These oligonucleotides are designed to remove an unwanted segment of the faulty DMD gene product, and represent a major step toward the development of an effective therapy for DMD. There is currently no curative therapy for this lethal condition.
"We are delighted to have concluded this financing round with a syndicate of highly experienced life sciences investors. The funds raised will enable us to achieve human proof of concept even more quickly with our key DMD program, in line with our goal of building the Company into a focused, product development company.", said Gerard Platenburg, Prosensa's CEO.
Following the closing of this financing round, Dr Stephen Bunting (Managing Director, Abingworth) and Dr Daan Ellens (Venture Partner, LSP) will join the Supervisory Board.
Daan Ellens commented: “Prosensa’s exon skipping technology is considered by scientific and clinical opinion leaders as well as by patient organizations as highly promising for the development of a treatment for DMD. Building on the company’s expertise and broad scientific and clinical network, we expect Prosensa to be in an excellent position to successfully develop its clinical programs, creating long-term value.”
About LSP
Life Sciences Partners (LSP) is a leading independent European venture capital firm, providing private equity financing to early- to mid-stage life-science companies. Since the late 1980s, LSP’s management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. LSP was an early stage investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With EUR 450 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe’s largest and most experienced specialist life-science investors. (www.lspvc.com)
About Abingworth
Abingworth is a long-established venture capital firm dedicated to the life sciences sector on both sides of the Atlantic. The company invests across all stages of development, including early-stage as well as public companies. Abingworth has provided backing for more than 90 unquoted life science businesses. The majority of these have gone public or have merged or been acquired. Abingworth has funds under management of more than $750 million. Founded in 1973, Abingworth has offices in London, Cambridge (UK), Menlo Park (California) and Boston. (www.abingworth.com)
Press contacts for this press release
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Luc Dochez - Chief Business Officer - Prosensa
languages: English, Dutch, French
Timezone: Europe/Amsterdam
Phonetel phone_1: +31 (0) 71 33 22 085
Phonetel phone_2: +31 (0) 71 33 22 100
E-mail: l.dochez@prosensa.nl
