DENMARK - Egalet secures $27.6m from Atlas, Index and existing investors

Current investors, BioFund, Dansk Kapitalanlæg, Danske Bank and QueQuoin Holdings Ltd, also participated in the financing.

The proceeds from the offering will enable Egalet a/s to take its leading proprietary drug candidates in the therapeutic areas of heart diseases and pain management through final pivotal studies. Furthermore, the proceeds will be used to strengthen Egalet’s product pipeline by leveraging its Egalet® and Parvulet® technologies. These formulation and controlled release technologies offer a unique platform for the development of more advanced therapies for patients.

'Egalet has been very successful in leveraging a pipeline of products from its technology platform. With two lead products in late clinical development and multiple future opportunities arising from its unique drug delivery technologies, Egalet is well positioned for its transformation to a product development and commercialisation entity,' notes Dr Regina Hodits of Atlas Venture.

'We are very excited about participating in this financing round. The company has made great strides in developing an attractive portfolio from their controlled-release technology,' says Francesco de Rubertis of Index Ventures.

Concurrent with the closing of the financing, Seppo Mäkinen, Senior Partner, Bio Fund, was appointed chairman of the board of directors. In addition, Dr Regina Hodits of Atlas Venture and Francesco de Rubertis of Index Ventures will take seats on the board. Danske Markets Corporate Finance acted as financial adviser to Egalet a/s.

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