Oy Contral Pharma Ltd, a Finnish Biotech Company, announces a EUR 7,5 million Financing through a Domestic and Swedish F
Oy Contral Pharma Ltd, a Finnish Biotech Company, announces a EUR 7,5 million Financing through a Domestic and Swedish Fund Raising Oy Contral Pharma Ltd, a specialist in dependence disorders, especially in alcohol abuse, announces today the completion of a 7,5 million EUR financing. The institutional investors include EVLI (Mix, Select and Nordic Smaller Companies), Pohjola, Bio Fund Management, Sitra, Aboa Venture, Dreadnought Finance, Thomproperties, and Innoventure from Finland and Svenska Kyrkan (Swedish Church) and Svenska Röda Korset (Swedish Red Cross) from Sweden. The funds will be used to develop clinical documentation for the company's lead product for regulatory approvals throughout the world, to develop the company's second technology platform projects, and to expand the personnel. Danske Securities acted as the financial adviser to the company. The company has obtained exclusive world wide patent licences on the use of opioid antagonists in the treatment of alcoholism and alcohol abuse using the extinction method from ContrAl Clinics Oy, which has now been merged to Contral Pharma making a full service entity for alcohol abusers and alcoholics. The merger is final today February 20. ContrAl Clinics has 10 treatment clinics in Finland and 10 abroad. Two of the clinics are owned by the company and 18 are franchised. The merge enables Contral Pharma to achieve modest turnover already during 2001. The company has also acquired a second technology platform by purchasing majority shareholder's position in Carbion Oy. Carbion has strong expertise in glycobiology. Carbion's leading drug discovery projects are for the prevention and treatment of infections caused by helicobacter and influenza viruses, and in the area of the treatment of inflammatory diseases and cancer. Contral Pharma will finance Carbion's R&D. Contral Pharma has an option to later merge Carbion to Contral Pharma. Contral Pharma is less than three years old pharmaceutical company with expeditious development. The company develops pharmaceutical products and services to offer treatments to conditions currently devoid of efficacious medical aid. The company's spearhead product, CPH-101 (nalmefene), has many other application areas beyond alcoholism with considerable market potential. The target is to develop clinical documentation for nalmefene also in the treatment of impulse control disorders, such as pathological gambling, kleptomania, pyromania, compulsive shopping etc. The company aims to further strengthen its proprietary position by acquiring and developing new proprietary product formulations. In the western world the strategy is to develop the products up to NDA (New Drug Application) minimising the partner's risk and maximising The Company's share of the business when out-licensing at the finish line of clinical development. The Consortium has 31 employees and offices in Espoo, Helsinki and Turku. For more information on the company please call the President and CEO, Dr. Kauko Kurkela or Director, Business Development, Ms. Tuuli Sonck +358 9 435 750, or Danske Securities, Hannu Leminen, +358 9 75 14 50 15 or visit the company's homepage at www.contralpharma.com ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/02/20/20010220BIT00340/bit0002.doc http://www.bit.se/bitonline/2001/02/20/20010220BIT00340/bit0002.pdf