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12:00 AM
May 06, 2013
 |  BioCentury  |  Finance

Symphogen stocks up

New Symphogen cash to take cancer antibody mixture program to market

After topping up its coffers last week, Symphogen A/S now has the cash and long-term investor base to see the Danish antibody platform play through its goal of building out a pipeline and taking at least one product to market.

The company secured €41 million ($53.4 million) in an extension of a tranched series E round co-led by existing investors Novo A/S and Danish pension fund PKA.

Also participating was Danica Pension, another Danish pension fund that made its first direct investment in Symphogen after previously investing via a now dissolved fund.

Symphogen secured €100 million ($132.9 million) in the round in January 2011. The company has drawn down €77 million ($89.3 million) so far and can draw down the remaining funds at any time, as the tranches have no conditions and are not dependent on milestones (see BioCentury, Jan. 10, 2011).

The biotech now has more than €100 million ($130.3 million) in pro-forma cash, including the tranches it has yet to draw down.

The company has raised €249 million ($324.4 million)...

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