DermaGen AB Receives Over 1 million Euros From a New Share Issue
2008-04-02
Lund, Sweden - DermaGen AB today announced a cash injection from Midroc New Technology AB who now joins existing owners, Karolinska Development and Östersjöstiftelsen. The capital will be used for the further development of DermaGen's first candidate drug. The majority will be used to initiate a clinical phase 2a study in patients with Atopic Dermatitis (AD), for which the company has already received approval, and to further develop the companies R & D pipeline.
"We are pleased that the company has attracted a new investor. Both Karolinska Development and Östersjöstiftelsen continue to invest, reinforcing the financial strength of the company and enabling us to carry out a clinical trial with DPK-060. This is a novel antimicrobial treatment for AD, and our lead antimicrobial candidate for topical use, it will be tested in a phase 2a study in patients during 2008" says Jan Alenfall, CEO of DermaGen.
The move towards clinical activities marks a new phase for DermaGen and new members of the board of directors have been appointed to support this.
Jonas Frick, CEO Resistentia AB, was elected as Chairman of the Board of Directors at the annual meeting on the 31st of March. "DermaGen is a very exciting company and I am looking forward to contributing to the successful development of DermaGen´s novel treatment options" says Jonas Frick.
Göran Linder, CEO of Midroc New Technology will also become member of DermaGen´s Board of Directors. "As a pharmaceutical research company a DermaGen represents a new type of investment focus for Midroc New Technology, we see this as an extremely exciting new opportunity", says Göran Linder, CEO of Midroc New Technology.
Global sales of anti-infective drugs reached $44.5 billion in 2005 and will likely double over the next 5 years. Worldwide sales of products used in AD therapy are growing rapidly due to the increasing prevalence of the disease and are expected to reach $2 billion in 2013.
The disease is characterized by chronic and pruritic inflammation of the skin, which affects about 10-20 % of children and 1-3 % of adults worldwide Moderate-to-severe AD has a profound effect on the quality of life. Intractable itching, skin damage, soreness and sleep loss all compound the burden of disease. More than 90 % of all patients are colonized or infected by Staphylococcus aureus, these infections may aggravate the disease through the production of superantigens that induce an inflammation of the skin. In addition, these infections worsen the inflammation and increase the severity of the eczema. It is estimated that about 40 % of eczematous lesions are co-infected. Micro-organisms, therefore, are not merely aetiological factors, but may also be responsible for sustained disease activity as well as resistance to therapy. There is clearly an unmet medical need for topical antibiotics in this market.
For further information please contact:
Jan Alenfall, CEO of DermaGen, ph: +46 46 286 4080 or mobile +46 709 315 115
e-mail: jan.alenfall[at]dermagen
Jonas Frick, Chairman of the Board, ph: +46 18 65 39 01
e-mail: info[at]dermagen.se
Göran Linder, CEO of Midroc New Technology AB, ph: +46 8 706 7450
About DermaGen
DermaGen AB founded in 2004, is a world leader in research on endogenous antimicrobial peptides. A specialty pharmaceutical company focusing on the development of topically applied products for the prevention and treatment of bacterial and fungal skin infections. Based on novel antimicrobial peptides, modified to increase potency and stability the products are designed to fulfil unmet medical need and significantly improve quality of life.
DermaGen partners with leading international pharmaceutical companies in the dermatological field.
Based in Lund, DermaGen functions as a virtual company, improving cost-effectiveness by engaging CROs and consultants when needed.
DermaGen is part of Karolinska Development Portfolio.
For more information, please visit www.dermagen.se.
About Midroc New Technology
Midroc New Technology AB is a Swedish venture capital company that invests at early stages in technologies with demonstrated prerequisites for a substantial, rapid and international break-through in the fields of Life Science, Security, and Clean Tech.
Midroc New Technology AB is part of Midroc Europe. The Group offers a wide range of management and contracting services to the civil and industrial market. In total the Group has 2 700 employees and an annual turnover amounting to SEK 4.0 billion.
About Karolinska Development
Karolinska Development commercializes Nordic life science innovation. Early stage investment enables value building through long term lead investor position, from seed stage to the market.
www.karolinskadevelopment.com
About the Östersjöstiftelsen
The Östersjöstiftelsen was established in 1994 by the Swedish government. In January 2007, the endowment's market value was approximately 7.1 billion Swedish kronor. There are two committees of the Board, one deals with finances and one for academic affairs. The Foundation is governed by a Board appointed by the Swedish government.