Opsona Therapeutics Limited raises €33 million Series C equity financing to advance clinical development of its lead product OPN-305.

April 29th, 2013, Dublin, Ireland – Opsona Therapeutics Limited, the innate immune drug development company, today announced that it has raised €33 million (US $43 million) in a Series C financing. The participants in this Series C financing include existing investors, Novartis Venture Fund, Fountain Healthcare Partners, Roche Venture Fund and Seroba-Kernel Life Sciences. The new investors joining the consortium are BB Biotech Ventures, Sunstone Capital, Baxter Ventures, Amgen Ventures, and EMBL Ventures. BB Biotech Ventures led the Series C financing round and will be joining the board of directors together with Sunstone Capital and Baxter Ventures.

The company will use the proceeds to conduct a two-part multi-centered, double blinded and placebo controlled clinical study to evaluate the safety, tolerability and efficacy of its lead product OPN-305 in renal transplant patients at high risk of Delayed Graft Function (DGF). This is the first clinical indication for OPN-305 Opsona’s lead product, a fully human monoclonal IgG4 antibody targeting Toll-like-receptor-2 (TLR-2).

Opsona recently completed a successful Phase I clinical trial in healthy human volunteers and has also demonstrated activity in preclinical animal models and ex-vivo studies. This first-in-class inhibitor of TLR-2 has the advantage of inhibiting multiple cytokines leading to the pathogenesis of the complex inflammatory response in various diseases (ischemia/reperfusion injuries, rheumatoid arthritis, diabetes, lupus, nephritis and various cancers).

Dr. Martin Welschof, CEO of Opsona, commented: “The innate immune system represents a new frontier in targeting inflammatory diseases, and the caliber of venture and corporate investors in this funding round is a demonstration of Opsona’s expertise and capabilities in this highly promising field. With their repeat investment, our existing investors have clearly indicated their long-term commitment to Opsona, while the new investment from BB Biotech Ventures, Sunstone Capital, Baxter Ventures, Amgen Ventures and EMBL Ventures is a further endorsement of Opsona’s future potential.”

Dr. Martin Muenchbach, Managing Director at BB Biotech Ventures, added: “We are delighted to be working with Opsona Therapeutics and the other investors, and are excited to further advance Opsona’s lead product OPN-305 into a well-designed Phase II efficacy study to improve post-operative complications in renal transplantation, an indication with major unmet medical need and attractive commercial potential. This high-quality study (double-blinded, placebo-controlled, and multi-center) with clinically meaningful endpoints will also be of relevance for a subsequent Phase III registration study.”
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ENDS
29 April 2013

For further information please contact:
Vicky La Touche-Price, 15 Molesworth Street, Dublin 2
T: +353 (0)1-6334028

Note to Editors:
About Seroba Kernel Life Sciences.

Managed from its offices in Dublin, Seroba Kernel Life Sciences is a Venture Capital fund that invests in innovative European Life Science companies. Seroba Kernel invests in early-stage start-ups to more mature, development-stage bioscience and medical device companies, typically investing €5m – €7m over the life of each investment. Seroba Kernel is a five-partner team, spread over three locations (Dublin, Oxford and Cambridge). The principals in the firm have strong science credentials and have held senior management positions across the international life science, financial and venture capital industries in Europe and North America. We have about €200m in funds under management along with our partner firm, Kernel Capital, which focuses on technology and seed capital investments.

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