BRISBANE, Australia, Nov. 27 Xenome Ltd, a specialistbiopharmaceutical company developing novel peptide drugs, announced today thatit has successfully raised US$10M of equity finance. The syndicated fundinground includes continuing support from Xenome's major investor, QueenslandBioCapital Funds (QBF), for $2.7M, significant equity funding of $5m fromAmylin Pharmaceuticals Inc, a top tier USA biotechnology company headquarteredin San Diego, California, and $2.3M from Innovis Investment Partners(Innovis).
The combined investment will enable Xenome to continue the execution ofits operational plan which includes:
"The opportunity to make two major announcements on the same day does notcome around very often, so it is satisfying to be able to announce this newsyndicated investment by QBF, Amylin and Innovis together with the executionof the separate Joint Xenome-Amylin Research Collaboration. TheCompany recognizes QBF's sustained support and belief in Xenome at a time whenbiotech funding comes at a premium. At the same time we welcome newsubstantial shareholders Amylin and Innovis Ltd. to the Company's shareregister." said Xenome CEO, Lewis Lee.
"The equity investment integrated with the extensive Xenome-Amylin JointResearch Collaboration provides a tremendous validation of the Company'speptide drug discovery platform and will facilitate Xenome's ability torapidly generate novel lead molecules for key therapeutic targets." commentedCherrell Hirst, QBF CEO and Innovis General Partner.
Xenome is a progressive Australian biotechnology company with a promisingand distinctive technology platform targeting pain and inflammation. Xen2174,the Company's lead drug candidate is currently completing a Phase 1b/2aclinical trial for cancer pain with evidence to date providing strong supportthat the trial endpoints will be successfully met. More substantive clinicaltrials for expanded indications are planned for 2008. In addition, the drugdiscovery platform from which Xen2174 emerged has inherent value due to itsability to repeatedly identify new lead medicinal compounds on the basis ofits unique construction around Australian biodiversity. Specifically, Xenomehas generated a unique expertise in peptide chemistry to translate theevolutionary advantages inherent in venom peptides into highly bioactivelibraries of molecules that are of interest to global biotechnology andpharmaceutical companies.
Queensland BioCapital Funds Pty Ltd (QBF) is a $100 million closed endventure capital fund that seeks to invest in listed or unlisted companies inthe human biosciences sector, in particular, pharmaceuticals, medical devices,consumer healthcare products and diagnostics. It is a wholly owned subsidiaryof the Queensland Investment Corporation (QIC), one of Australia's largestinstitutional fund managers with over $50 billion in funds invested andowned by the Queensland Government, but with a Board and staff drawn from theprivate sector. QBF was established in October 2002 to assist QIC in its roleas trustee and manager of the fund by identifying, validating and managinginvestment opportunities. QBF is actively involved in its investee companies,typically holding a significant equity position for several years in the formof preference shares with specified rights.
Innovis Investment Partners Australia LP is a venture capital fundfocusing on private and micro-cap public companies in Biotechnology,Pharmaceuticals and Healthcare.- Implementation of a Joint Xenome-Amylin Research Collaboration involving drug discovery of new compounds from Xenome's unique peptide library using Amylin's assay technologies in the fields of metabolic and musculoskeletal diseases; - Expansion of the Phase 2 clinical development o