Curacyte and IBFB Pharma annouce merger
In addition, Curacyte announced the successful completion of a EUR16.5 ($21.6) million Series C private placement. This financing round will support the development of the company"s combined product portfolio. Terms of the merger and Series C Financing transaction were not disclosed.
The merger creates a biopharmaceutical company with a rich clinical, pre-clinical and discovery pipeline of medicines to treat inflammatory and cardiovascular diseases. Curacyte"s lead product, PHP, is in phase 3 clinical development for distributive shock and phase 1 as a concomitant treatment for interleukin-2 (IL-2) treated patients with renal cell carcinoma and metastatic melanoma. Supported by encouraging results from a recent Phase 2c clinical trial of PHP in distributive shock, Curacyte is currently in discussions with potential pharmaceutical partners who have the ability to develop and market the product. The combined company has several pre-clinical products, scheduled to enter clinical development in 2006. Apart from establishing therapeutic focus, IBFB complements Curacyte's research resulting in leading edge drug discovery operations.
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