Biopheresis Technologies, Inc., a U.S. company currently developing a novel cancer treatment system, announced today a 6.5 million Euro Series A preferred stock financing with Scandinavian Life Science Venture (SLS), Stockholm and First Ventury, Heidelberg.
Cary, NC (PRWEB) May 11, 2005 -- Biopheresis Technologies, Inc., a U.S. company currently developing a novel cancer treatment system, announced today a 6.5 million Euro Series A preferred stock financing with Scandinavian Life Science Venture (SLS), Stockholm and First Ventury, Heidelberg. The Company completed a clinical trial in 2004 that demonstrated capability of its proprietary medical device to remove specific immune inhibitors from the blood of cancer patients. Proceeds from this financing will be used primarily to conduct further clinical trials to demonstrate the effect of the Company's therapy on tumor disease, patient safety and well-being.
George Rehm, Managing Partner of First Ventury, said, "The immunological and medical device based therapy of Biopheresis is a fundamental new approach to the treatment of cancer, and we believe this approach will provide a major improvement in cancer therapy."
Commenting on this significant financing milestone, Santo J. Costa, Chairman of Biopheresis, said, "This investment in Biopheresis by SLS and First Ventury, who are leading investors in new medical technologies, further validates the Company's technology and our approach to the treatment of cancers. These two exceptional investment partners have already made important contributions to the Company's development, and with their funding we now will be able to accelerate the development of this new cancer treatment system."
Jan Sundqvist, Senior Investment Director of Scandinavian Life Science Venture, further commented, "Our relationship with Biopheresis marks another investment by SLS in companies with promising new medical technologies. We are impressed that the Company has already developed its technology and is in the process of defining manufacturing processes for scale-up and clinical trials. We are looking forward to the rapid maturation of Biopheresis' technology through further clinical trials and introduction of the Company's treatment into the medical marketplace."
About Biopheresis Technologies, Inc.
The Companys immunological therapeutic approach is based on data that specific inhibitors in the blood produced by cancer cells retard or prevent an otherwise normal immune system from recognizing and destroying tumor cells. These inhibitors have been shown to be soluble Tumor Necrosis Factor receptors ("sTNFRs") and to be overproduced in cancer patients. The Biopheresis technology removes these inhibiting sTNFRs, to allow the bodys own TNF mediated immune response to attack and destroy tumors.
The Company's therapy uses a medical device, an immuno-affinity column that specifically removes inhibiting sTNFRs from patients' blood. Filing is in process for a CE (Conformite Europeanee) Mark in Europe for this medical device and a controlled breast cancer treatment trial is expected to begin in Europe in autumn 2005. Biopheresis also plans further discussions with the FDA to begin the clinical and regulatory approval process in the United States.
The Company has a number of patents issued in the United States, Europe and other countries. Other patent applications are pending both internationally and in the US. Proceeds of this financing will be used to complete the CE Mark process, conduct follow-on clinical trials and develop the Company's infrastructure. Biopheresis' U.S. headquarters are in Cary, North Carolina and European headquarters are in Heidelberg, Germany.
About Scandinavian Life Science Venture
SLS Venture, a Scandinavian-based venture capital company, is one of the largest investment funds in Scandinavia in the life science sector with approximately 270 million Euros under management. The vision of SLS Venture is to become a leading life science investor with the aim of maximizing return on investment by supporting high-potential small and mid-sized life science companies with a unique combination of capital, industrial and financial expertise and networks.
About First Ventury
Since its founding in April 2000, First Ventury has become one of Germany's leading venture capital firms. First Ventury invests in innovative start-up and early stage high technology companies in Europe and North America that have the potential to become market leaders. The Company employs a consistent, well defined investment process from the initial investment through to exit. First Ventury's management team consists of investment professionals with many years of international operational and entrepreneurial experience. This team has access to an extensive international network of advisers who provide the Company with management and industry expertise throughout the entire investment process.
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