Prosonix cashes in £17.1m
23.05.2012 - British respiratory medicines company Prosonix Ltd. has extended its Series B financing round to £17.1m.
Oxford – The lion’s share of the new capital comes from new investor Gimv, a leading European technology investor, who contributed £5.7m. The rest was contributed by the syndicate of investors that participated in the first closing of the round in June 2011. The syndicate includes Ventech, Gilde Healthcare Partners, Entrepreneurs Fund, Quest for Growth and Solon Ventures.
The Oxford-based Prosonix announced it will use the proceeds of the financing to push forward its product pipeline of inhalable mono- and combination therapies. “These new funds will enable Prosonix to accelerate its activities aimed at attaining key performance and clinical data for our pipeline of excipient-free, drug-only respiratory medicines”, said David Hipkiss, Prosonix' CEO. His company works on development programs for an inhaled corticosteroid for asthma and a long-acting muscarinic antagonist for chronic obstructive pulmonary disorder. Its unique Multi-component Particle (MCP™) platform enables Prosonix to combine two or more drug molecules consistently in a pre-determined ratio in each and every particle in the formulation.
Karl Nägler, Venture Capital Partner at new investor Gimv, will join the Prosonix board as a Non-executive Director. „We are confident that Prosonix can become a significant player in the area of respiratory medicines“ said Nägler, stressing that Prosonix is at an important point in its development.