University of Bristol and Hunter-Fleming Joint Venture Attracts £15.5 Million
University of Bristol and Hunter-Fleming Joint Venture Attracts £15.5 Million ($27 million) to Develop Novel Asthma Treatment
[Posted on 05 April 2006]
3rd April, 2006, Bristol, UK: Hunter-Fleming, the company focused on new treatments for degenerative disorders including Alzheimer’s disease, heart attack and rheumatoid arthritis, today announced the completion of a £15.5 million ($27 million) financing, comprising a Series B round and funds to establish a strategic joint venture.The Series B round of £6.9 million ($12 million), managed by Seymour Pierce, was led by MTI Partners Limited (UK) and includes Advent International (US), ITX Corporation (Japan), Omega Fund Management (Guernsey), Pharmabio Development (US) and Finance South West Growth Fund (UK) managed by YFM Venture Finance Ltd.
The new funds will be used to progress Hunter-Fleming’s pipeline and specifically to continue the clinical development of three compounds. Patient recruitment for a Phase IIa marker study of HF0220 in mild to moderate Alzheimer’s disease is expected to commence in the second quarter, 2006; HF0420, positioned to address conditions including neuronal repair and spinal cord injury, will move into Phase II studies in Q2 2007 after further volunteer studies. Similarly, HF0299 in 2007 is expected to enter Phase II studies in 2007 to treat neuropathic pain on completion of the remaining Phase I programme.
Dr Jim Murray, Chief Executive Officer of Hunter-Fleming, said “Our strategy is to build a strong pipeline of novel compounds addressing unmet medical needs and to license or partner these with major multinational pharma companies. This funding round, backed by blue chip international investors, allows us to progress our pipeline and is an endorsement of our scientific and commercial strategy.”
Dr David Holbrook, who leads MTI’s Medtech practice, said “I am delighted to welcome the new investors on board. Hunter-Fleming has made tremendous progress since our first investment in the company in July 2002. The Company has a strong, experienced management team with a track record in developing new drugs for major markets. We also believe the Company’s efficient financial model and propensity for strong news flow will lead to an exciting array of partnering and financing opportunities.”
Hunter-Fleming also announces that it has set up a joint venture with dedicated funding to fast track the development of HF1020, a compound that embraces a novel concept for treating asthma and allergic conditions. The compound came from an extensive research programme at Bristol University’s Medical School.
The new company, Trident Pharmaceuticals Inc, will be based in Boston, US, with funding from Advent International and Omega Fund Management, major investors in the Life Science arena. Dr Jim Murray is chairman of the company with Marios Fotiadis, venture partner at Advent International, acting CEO. Furthermore, Robin Brown, venture partner with Advent International and former head of cell biology at GlaxoSmithKline, joins Trident as CSO. Hunter-Fleming holds a significant stake in the new company.
Marios Fotiadis of Advent International said “We believe that HF1020 has potential as a major breakthrough in treating asthma. Early data have shown a strong mode of action and persuasive pharmacology. Its novel mode of action, via activation of one’s own immune regulatory systems, represents an enormous potential opportunity in allergic disease, such as asthma and autoimmune conditions such as Rheumatoid Arthritis.”
Dr Jim Murray added: “Up to £8.6 million, about $15 million, will be made available to finance the development of HF1020 to a stage where it will be a very attractive asset for big pharma.”
For further information please contact:
James Murray, Hunter-Fleming
Tel: +44 (0) 1179 008 265
Mary Clark/Shaun Brown, Capital MS&L
Tel: +44 (0) 207 307 5330
About Hunter-Fleming
Hunter-Fleming, based in Bristol, UK, is a privately owned emerging biopharmaceutical company focused on developing new therapies for the treatment of age related degenerative and immunological disorders. The Company was set up in 1999 by James Murray, co-founder of Shire Pharmaceuticals, John Fox, also ex-Shire and Ernst Wülfert, previously Head of Research & Development at UCB. Hunter Fleming is targeting large, therapeutic markets with major unmet medical needs in degenerative disorders. The Company’s strategy is to develop its pipeline of innovative compounds to Phase IIa and then license/partner for further development and world-wide marketing. Hunter-Fleming has three compounds which have completed Phase I clinical trials and two compounds in preclinical development.