Santaris Pharma raises EUR 4.4m in interim funding and launches second round financing

The additional EUR 4.4m is the first step in the Company’s second round of private equity financing, planned to be completed in the second half of 2005 and targeted at raising approximately EUR 20m. Of this total, approximately 50% is expected to come from existing shareholders and 50% from new international life science investors. The interim funds will enable the Company to continue to make progress in its clinical development programme while the larger financing is being completed.

Proceeds from the main fundraising will be used for further development of the Company's rapidly emerging pipeline of new drug candidates. The Company’s most advanced product, SPC2996, recently commenced a multi-centre, international Phase I/II study in patients with Chronic Lymphocytic Leukaemia (CLL), a common form of adult leukaemia. The study is being conducted at specialist haematological oncology centres at hospitals in Denmark, France and UK.

The company's second drug candidate SPC2968, an RNA antagonist targeting HIF-1á, is an exciting new agent with the ability to block neovascularization as a cancer therapeutic strategy. SPC2968 is currently undergoing manufacturing scale-up and preclinical development studies prior to commencing Phase I/II in the first half of 2006. A third new drug candidate, SPC3042 - an RNA Antagonist directed against Survivin, is also in preclinical development for cancer and is expected to follow SPC2968 into human clinical testing during 2006.

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• Early-stage