By E. Janene Geiss
Philadelphia, Nov. 7 - Fovea Pharmaceuticals SA said Monday that it raised €20.5 million in an equity financing round.
Sofinnova Partners of France was the lead investor. Other investors included Abingworth Management of the United Kingdom, The Wellcome Trust of the United Kingdom, GIMV of Belgium and Credit Agricole Private Equity of France.
"Fovea was seeded by Sofinnova as a result of our permanent effort towards sourcing new breakthrough technology and scientific teams," Antoine Papiernik, managing partner at Sofinnova Partners, said in the release.
Fovea is a Paris-based biopharmaceutical company created in May 2005 by a team of experienced scientists and managers. It plans to build a world-class organization bringing together experts from around the world focused on breakthrough treatments of retinal disease, officials said in a company news release.
Fovea said it plans to use the financing to develop a diversified pipeline of products through internal research and therapeutic switching in ophthalmology of molecules currently developed in other indications, officials said.
The company's management team includes Bernard Gilly, co-founder of Fovea and partner at Sofinnova Partners since 2000, who will join Fovea as chairman of the board and chief executive officer, officials said.
The company's overall aim is to discover, develop and commercialize breakthrough drugs to treat retinal diseases such as age-related macular degeneration, retinitis pigmentosa, diabetic retinopathy or macular edema. These diseases affect more than 50 million people in North America and Europe, officials said, but are still without satisfactory treatment.
| Issuer: | Fovea Pharmaceuticals SA
|
| Issue: | Equity financing round
|
| Amount: | €20.5 million
|
| Investors: | Sofinnova Partners (lead), Abingworth Management, The Wellcome Trust, GIMV, Credit Agricole Private Equity of France.
|
| Announcement date: | Nov. 7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
