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This funding builds on the company's CHF 50M (USD 49M, EUR 31M) Series Bround, which closed in August 2006 and has enabled the company to move itslead molecule, ESBA105, into clinical trials. ESBA105 is a single-chainantibody fragment directed against TNF-alpha and is developed in ophthalmicand additional inflammatory indications.
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Dominik Escher, Ph.D., Chief Executive Officer of ESBATech AG, commented,"We are delighted to announce the expansion of our proprietary pipeline withthis additional financing. This includes building broad franchises inophthalmology, rheumatology and respiratory diseases for ESBA105 andadditional antibody fragments. Since the announcement of the Series Bfinancing in August 2006, ESBATech has made significant progress in R&D,including the demonstration in animal models that high concentrations ofESBA105 can be achieved in all segments of the eye with topical delivery viaeye drops. Furthermore, we have advanced our anti-VEGF program to selection ofa development candidate, ESBA903, a single-chain antibody that shows very highpotency, stability and solubility, and will be developed for ophthalmicindications. Just like ESBA105, this antibody fragment will be delivered viaeye drops and thus represents a true alternative to the current intra-vitrealinjections of marketed anti-VEGF inhibitors."
Martin Gertsch, Chief Financial Officer of ESBATech AG, commented, "Todate, with this additional capital increase, the company has raised over CHF88M (USD 86M, EUR 54M) for the development of its antibody fragment platformas well for the advancement of product candidates into the clinic. With oneongoing Phase I clinical study, an additional clinical trial pendingcommencement, and additional programs in and nearing formal preclinicaldevelopment, this is a time of growth for ESBATech. We are building thecompany to be the leader in antibody fragment therapeutics."
Graham Boulnois, Ph.D., Partner with SV Life Sciences, commented, "We aredelighted with the progress of ESBATech to date. The company's human antibodyfragment platform has delivered a growing pipeline of commercially attractivenew drugs based on stable antibody fragments derived from fully humanscaffolds. This is an exciting area and provides the company with high valueopportunities for partnering across multiple therapeutic areas."
Michael Steinmetz, Ph.D., Managing Director of Clarus Ventures, added,"ESBATech's unique approach to antibody fragments derived from fully humanscaffolds position them well in this highly exciting growth market. We lookforward to further clinical development of the company's product pipeline andadditional value generation."
About ESBATech AG
ESBATech AG is a Zurich, Switzerland-based, privately held drug discoveryand development company focused on advancing antibody fragments fortherapeutic applications. The company applies its proprietary, fully humansingle-chain antibody frameworks to generate product candidates againsttargets of clinical relevance. ESBATech is focused on delivering highconcentrations of its therapeutic antibody fragments to the targeted sites, incombination with extremely low systemic load, in order to achieve low risk ofsystemic drug reactions using topical and local delivery.
In the first half of 2008, the company initiated a Phase I clinical studyof ESBA105 in ophthalmic indications. The study is being conducted as a singleand repeated dose escala
