Egalet raises €14 million in series B
Vaterløse – Biopharmaceutical company Egalet A/S has raised DKK107.7 million (EUR14 million) in a Series B financing led by the Danish investor Vækstfonden Life Science Ventures. All existing investors, Atlas Venture (Boston and London), Bio Fund (Finland), Dansk Kapitalanlæg (Denmark), Danske Bank (Denmark), Index Ventures (Jersey) and QueQuoin Holdings Ltd. (Jersey), also participated in the round.
Egalet, which is focused on the development of innovative orally administered products, will use the funds to expand and optimize its proprietary product portfolio. The last private placement dates back to March 2006 when the company has raised an amount of a23.5 million.
“The new money will allow us to expand the breadth of our clinical-stage pipeline with additional products, targeting the pain and cardiovascular markets and to develop them in-house until ready for market introduction”, said CEO Jan Quistgaard.