Circassia Raises GBP11 Million ($21.8 Million) in Oversubscribed Second Round Funding
"Completing this financing is a testament to the potential of Circassia'sbusiness, management and technology," said Steve Harris, Circassia's CEO. "Wehave made good progress advancing our anti-allergy products during the lastyear, and successfully completing this funding, particularly in the currentchallenging market conditions, is a strong vote of confidence from asyndicate of world-class investors."
Circassia, whose immune control technologies target allergies and organrejection, completed an initial investment round of GBP6 million ($11.8million) in January 2007. During the last year the company has finalisedpreparations to complete the phase II clinical testing programme for its leadproduct against cat dander allergy, and finalised the acquisition of itsToleroTrans organ anti-rejection technology. Following this second investmentround, Circassia has increased its current cash balance to GBP15 million($29.8 million), and plans to utilise the funds both to progress its clinicaldevelopment programmes and to acquire additional technologies that fit itsspecialty business model.
Circassia's products have the potential to address significant marketopportunities. Currently, over 150 million people suffer from allergicrhinitis in the US and Europe, and existing treatments either providesymptomatic relief only or require lengthy specialist physician supervisionover a period of many months due to potential serious, even life-threatening,adverse reactions. In contrast, Circassia's technology uses small sections ofthe allergen molecules responsible for causing allergies (termed T-cellepitopes) to rapidly desensitize sufferers, while minimizing the potentialfor adverse reactions. The company's ToleroTrans technology uses a similarscientific approach designed to desensitize transplant patients and therebyreduce the risk of organ rejection.
Circassia is a specialty biopharmaceutical company focused on developingmedicines designed to control immune system responses. The company has ahighly experienced management team with a proven track record in productdevelopment and commercialisation, and having successfully completed twosubstantial fundraising rounds is backed by a syndicate of world-classventure capital and institutional investors.
Circassia's lead products target allergies utilising the company'sproprietary T-cell epitope desensitization technology, which was originallydeveloped at Imperial College London. The company is also developing itsToleroTrans organ anti-rejection technology, which uses a similar approach todown-regulate immune responses in transplant patients. Circassia has a numberof ongoing development programmes, with the most advanced against cat danderallergy having successfully completed a phase II clinical trial.
For more information please visit http://www.circassia.co.uk.
SOURCE Circassia Ltd
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