PregLem SA (Switzerland) - Dec 2007

unquote
01 December 2007

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Sofinnova Ventures from San Francisco has led a CHF 36m Series B financing round in PregLem SA. Returning investors include Sofinnova Partners (seed investor and Series A lead investor, Paris), MVM Life Science Partners LLP (London), and NeoMed Management (Geneva). PregLem has raised CHF 68m in less than a year (September 07, page 26).

The Series B funding will enable the development of a molecule licensed-in from privately-held French company, HRA Pharma. This allows PregLem to develop and commercialise ulipristal, a selective progesterone receptor modulator (SPRM) in Europe for various gynecological indications excluding contraception. PregLem is planning the initiation of a pivotal Phase III programme for a first indication of uterine myoma in 2008. The agreement allows for the possibility for PregLem to obtain rights for other markets.

Myoma are the most common type of non-cancerous hormone-dependent tumours in the female reproductive system. The condition affects between 20-50% of women, and is most common in women between the ages of 30 and 50. Approximately 8-16 million women in Europe have fibroids, of which some 800,000 to 3.2 million have symptoms which could require treatment.

Company

PregLem SA is a Swiss specialty biopharmaceutical company, founded in Geneva in 2006, by Ernest Loumaye and Eric Rolin. PregLem focuses on the development and commercialisation of therapeutic compounds for improving the treatment of significant benign gynecological conditions and infertility. PregLem has products at pre-clinical and clinical stages of development.

The overall market for PregLem’s pipeline of drugs to treat benign gynecological conditions is estimated at around E2.8bn, while the market for infertility drugs is estimated to amount to around E1.2bn.

People

PregLem’s board of directors has expanded to include Werner Henrich, as chairman of the board and independent director, and Christian Chavy as independent director. Henrich is chairman of the board of Basilea Pharmaceutica Ltd and a member of the board of directors of Actelion Ltd, and Addex Pharmaceuticals. Chavy was recently president business operations and member of the Actelion executive committee. James Healy MD, PhD, general partner at Sofinnova Ventures has also been appointed to the board. Rafaèle Tordjman MD, PhD, partner at Sofinnova Partners, Dr Martin Murphy, partner at MVM, and Dr Claudio Nessi, partner at NeoMed, will continue to serve on the board along with CEO Ernest Loumaye MD, PhD.

Advisers

Company - Lenz & Staehelin, (Legal)

Sourced from: Deutsche unquote" 95 (Feb 2008)