Pepscan Systems BV

03 August 2005

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Investors

Pepscan Systems BV has raised E5m in a first financing round. The consortium was led by PPM Oost NV, and also included Lupus Ventures BV, Wageningen Business Generator BV and Technofund Flevoland, as well as several other private investors and existing shareholders. The deal originated through PPM Oost's network of contacts and its familiarity with Joost van Bree, the CEO of Pepscan. The fundraising process started in January of this year, and completed six months later around 1 July.

Company

Pepscan is a product-oriented drug discovery and development company that focuses on the development of innovative peptide-based technologies to build a pipeline of product candidates. It is also a well-known provider of peptide-based products and services for pharmaceutical and biotechnology companies. Founded in 1991, the company is based in Lelystad and employs three staff; its last registered turnover was around E2m.The funds will be used primarily to further expand Pepscan's portfolio of therapeutic vaccines programs in oncology. The company expects to obtain clinical proof of principle for its lead product, a prostate cancer vaccine that has been partnered with Chiron, the US, by the first half of 2006. Further products in development include a pancreatic cancer vaccine, as well as a bone metastases vaccine. The product pipeline addresses a multi-million dollar market opportunity by aiming to employ the company's proprietary technology platform for neutralising growth factor and signalling molecules through anti self-immunisation.

People

Pieter Rhemrec and Gert Bulthuis worked on the deal for PPM Oost. Joost van Bree is CEO of Pepscan.