SantoSolve AS (Norway) - Nov 2007

unquote
01 November 2007

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DnB Nor, Gezina and Glastad Invest, together with existing investors InnovationsKapital and Teknoinvest have completed a new $7m round in SantoSolve, an Oslo-based biotech company. InnovationsKapital invested $1.5m in this round. InnovationsKapital participated in one previous financing round in 2004, while Teknoinvest has invested in two others. The two venture capitalists decided to invite other investors to participate in this round to increase the capital base in the company. The investment will be used to support the transition into phase III clinical trial of the company’s promising pain reliever. SantoSolve has demonstrated strong development in its clinical trials and the investors have strong belief in its potential.

Company

Oslo-based SantoSolve is a biotech company founded in 2002. It develops targeted pain therapeutics based on a novel class of active ingredients. The company’s technology is covered by a broad range of patent applications, providing strong IPR protection. Recently, it completed a Phase II trial in osteoarthritis for its lead product 2PX. The double-blind, placebo-controlled trial was conducted at multiple medical centres in Norway and recruited patients with osteoarthritis who were suffering moderate to chronic pain. The results indicate that 2PX is well tolerated and delivers a statistically significant reduction in pain compared with placebo.

People

Johan Rask, investment manager at InnovationsKapital holds a seat on the board, together with Andreas Mollatt, partner, at Teknoinvest. Thorfinn Ege is the CEO of SantoSolve.

Sourced from: Nordic unquote" 69 (Jan 2008)