vasopharm announces 20 Mio. EUR fundraising
Financing by consortium to progress treatment for traumatic brain injury
vasopharm GmbH from Würzburg, a privately held biopharmaceutical company focusing on novel therapeutics for the treatment of cerebrovascular diseases, announced a successfully raised 20 Mio. EUR of new capital. The financing was co-led by existing investors Entrepreneurs Fund, Heidelberg Capital Private Equity and new investor, UK based Fort Rock Capital. Existing investors Bayern Kapital and funds advised by Hanseatic Asset Management LBG also participated in the round.
The 20 Mio. EUR will fully fund a pivotal, European Phase III study with vasopharm’s lead product VAS 203 in moderate to severe Traumatic Brain Injury (TBI). All preparatory groundwork for the clinical trial has been finalised over the last 12 months and “First patient in” is expected in H1 2016.
Christian Wandersee, Chief Executive Officer of vasopharm, commented: “TBI is a very challenging indication which has proven intractable to all previous pharmacological intervention. We have been extremely rigorous in analysis of our exceptional Phase II data and believe that, in VAS203, we have a drug which will provide physicians with a real opportunity to improve long-term outcomes in this devastating condition.”
VAS203 Phase II results demonstrated statistically significant improvements to both short term (Therapy Intensity Level) and long term (extended Glasgow Outcome Scale, 6 months and 12 months) measures of treatment efficacy. Following interaction with the European Medicines Agency (EMA) vasopharm has designed a Phase III registration study in Europe which, if successful, would lead to regulatory submission of VAS203 for the treatment of moderate and severe TBI. VAS203 has been granted orphan drug status for the treatment of moderate to severe TBI by the EMA.