TiGenix announces final closing of Arcarios'seed-financing round
Leuven (BELGIUM) - September 8, 2010 - TiGenix (NYSE EURONEXT: TIG) announces final closing of EUR 4.1 million seed-financing for Arcarios spin-out.
TiGenix recently announced the first closing of a seed-financing round for Acarios, a spinout established jointly with Netherlands-based Therosteon (press release of 25/08/2010).
Today, we are happy to announce that LRM has joined the existing international investor syndicate to bring the total funds raised to EUR 4.1 million. The seed financing round was led by BioGeneration Ventures. Other investors include Erasmus MC Biomedical Fund, Gemma Frisius Fund, CD3, Baekeland Fund II, Credit Agricole and VINNOF.
TiGenix has a significant equity stake in Arcarios (below the consolidation threshold) and is the largest shareholder of the company. TiGenix also retains certain rights to drug candidates developed by Arcarios for ex vivo applications and the local treatment of arthritic diseases.
For more information, please contact:
Chief Executive Officer
TiGenix Corporate Development and Communication
T: +32 16 39 60 60
Chief Executive Officer, Arcarios
T: +32 620 543 382
Based in Leuven, Belgium, TiGenix NV (NYSE Euronext Brussels: TIG) is a public biomedical company that focuses on 'Regenerating Motion'. The company is exploiting the power of Regenerative Medicine to develop durable treatments, validated through controlled clinical trials, for damaged and diseased skeletal tissues. TiGenix now has two products approved for marketing and sales in Europe.
ChondroCelect®, the company's lead product for cartilage regeneration in the knee, is the first cellbased product that successfully completed the entire development track from research, over clinical development to central European registration as a medicinal product. ChondroCelect consists of characterized cultured chondrocytes derived from the patient's own cartilage and is used for autologous chondrocyte implantation (ACI), a surgical procedure to treat cartilage defects.
ChondroCelect received European Marketing Authorization as the first Advanced Therapy Medicinal Product.
ChondroMimeticT is an off-the-shelf, collagen based implant for the treatment of small osteochondral (cartilage and underlying bone) defects. ChondroMimetic received CE-mark approval for the treatment of small chondral and subchondral lesions. It will be marketed as a procedure pack with the collagen implant preloaded in an accurate, easy to use delivery device.
The company exploits a proprietary (stem) cell and biomaterials platform, which will continue to generate candidate products that address specific musculoskeletal problems.
With a fully operational sales team in place, TiGenix is ready for commercial expansion and reinforcement of its leading position in Europe in the regenerative medicine field.
Based in Rotterdam and Diepenbeek, Arcarios is a drug development company dedicated to the discovery and development of innovative products that target bone and joint diseases, indications of unmet medical need and significant commercial potential. The Company combines Benelux' best science in the field of bone and joint biology and was formed by the merger of Therosteon and a spin-out of TiGenix NV, Belgium. The founding scientists of Arcarios have developed an innovative pipeline of proprietary disease modifying therapeutics for bone and joint diseases, based on proprietary platform technologies and covered by a broad portfolio of granted and pending patents.
Arcarios aims at bringing at least one of its two lead programs into clinic within the coming years followed by a pipeline of preclinical drug candidates.
LRM is a profit-driven investor that offers entrepreneurs a unique combination of venture capital and real estate. LRM's activities contribute to the economic development and the general employment in Limburg province. They are oriented towards all sectors and companies, from start-ups to growing
SMEs to major businesses. Today, LRM is active in five domains: ICT & Media, Life Sciences, Cleantech & Energy, SMEs & Large enterprises.