(PRWEB) November 30, 2012
Euroscreen SA, Brussels, Belgium, November 30, 2011 – Euroscreen, a drug development company focused on the development of novel GPCR drug concepts including next generation sex hormone control in woman’s health announced today that it has completed a €10 million Series A preferred stock financing led by Vesalius Biocapital II Partners and SRIW (Société Régionale d’Investissement de Wallonie SA). The proceeds of the round will mainly be used to develop its main advanced product ESN364 for the treatment of endometriosis, a disease that affects 6-10% of women in childbearing age.
"We have been delighted to work with Vesalius and SRIW, and other new shareholders as LSRP (Life Sciences Research Partners VZW); SPDG (Société de Participation et de Gestion SA) and Hunza Ventures, in addition to our existing shareholders, to maximize Euroscreen’s potential to advance our lead program, ESN364 into clinical development. Their expertise in life sciences combined with their networking capability made our decision easy," said Jean Combalbert, Euroscreen's CEO. "We thank those existing shareholders participating in this new financing round which included Fortis Private Equity, Compagnie du Bois Sauvage SA, Ackermans & Van Haaren Nv, our university-based shareholders and some of our individual faithful shareholders”. "These proceeds will be primarily used to fund the pre-IND, Phase I and initial Phase II clinical development of our ESN364 drug candidate in endometriosis,” Mr. Combalbert continued. “We expect to file for our IND with the FDA in mid-2013 and to begin Phase I clinical trials before the end of the year. The availability of strong biomarkers will permit us to understand both safety and efficacy of our product candidate. We plan to advance into Phase II proof of concept studies in 2014."
Alain Parthoens, managing partner at Vesalius said, "We expect Euroscreen's ESN364 to show a better safety profile than existing endometriosis products and enable a better control of estradiol levels in the treatment of endometriosis and other women’s diseases. We are also excited about Euroscreen's pipeline of drug candidates for future development in other indications.”
Euroscreen (http://www.euroscreen.com) is a Belgium based, private preclinical stage Drug Discovery and Development Company providing first-in-class small molecule drug candidates to address several therapeutic areas including inflammation, metabolism and sex hormone modulation. Euroscreen started its activities as a spin-off of ULB (Université Libre de Bruxelles). Euroscreen has a track-record on multiple innovative and proprietary chemical entities targeting G Protein Coupled Receptors (GPCR) due to its recognized know-how and expertise with these targets; having achieved in vivo proof of concept and efficacy in multiple preclinical programs.
Euroscreen is moving forward to advance a program of its own into clinical trials, and also actively seeks collaborations to advance other pharmaceutical candidates, in addition to its ongoing research and licensing partnerships with several pharmaceutical companies as Boehringer-Ingelheim, Cephalon, Grunenthal, HGS, Ortho-McNeil-Janssen Pharmaceuticals, Monogram Biosciences, Novartis and Pfizer.
Euroscreen offers a broad patent portfolio for targets and screening tools to out-license to companies developing therapeutic drugs acting through targets as CCR5, ChemR23, GPR43, GPR7/8, ORL1-R, FPRL2, P2Y4, P2Y11 and P2Y13.
About Vesalius Biocapital II Partners
Vesalius is a life sciences venture capital firm investing in unique R&D opportunities which address sizable and growing markets with a high unmet medical need.
About SRIW SA
SRIW (Société Régionale d'Investissement de Wallonie) provides finance within and outside Belgium for businesses undertaking industrial projects or providing services that generate added value. For the last 30 years, SRIW has been facilitating the region's economic development, contributing effectively to the modernisation, growth and restructuring of the businesses that make up the Wallon industrial network. http://www.sriw.be
For further information, please contact:
Tel: +32 71 348 500
Jean Combalbert, Ph.D.
Chief Executive Officer