Plans Initial Public Offering on Nasdaq Stockholm in 2016
Stockholm, Sweden – 1 October 2015. Pharmalink AB, a specialty pharma company, today announces it has raised SEK100 million (€10.5m / US$12m*) in a mezzanine financing round from all its existing investors, including Investinor and Industrifonden, two of the Nordic region’s largest venture investors.
The funds will be used to prepare a Phase 3 clinical development programme for its lead product candidate Nefecon® for the treatment of primary IgA nephropathy, an inflammatory disease of the kidney that in up to 40% patients progresses to end-stage renal disease. A randomized Phase 2b trial of Nefecon® (the NEFIGAN trial) in 150 patients met its primary efficacy endpoint at a planned interim analysis. Final results from the completed NEFIGAN trial are expected in the fourth quarter 2015.
Johan Häggblad, Managing Director of Pharmalink, said: “These new funds will enable Pharmalink to expand to become ‘Phase 3 ready’ in 2016 ahead of an IPO and thereby make important progress with the development of Nefecon towards the market. The positive results we have seen in the NEFIGAN trial are extremely promising, and the response from kidney disease specialists to these data has underlined the potential we see for Nefecon to become a valuable new treatment option for patients with IgA nephropathy at risk of progressing to renal failure. We look forward to announcing final results from the NEFIGAN trial in the next months and preparing the company for an exciting time ahead.”
Pharmalink is planning to undertake an Initial Public Offering on Nasdaq Stockholm in 2016, pending favourable market conditions, primarily to fund the clinical development of Nefecon towards market approval and commercialisation in key territories.
Ann-Tove Kongsnes, Investment Director at Investinor and Non-executive Director of Pharmalink, said: “Pharmalink has a great opportunity to build a leading specialty pharmaceutical company based initially around Nefecon in kidney disease. We are delighted to continue to support the company during this transformational period.”
Lennart Hansson, Investment Director at Industrifonden and Non-executive Director of Pharmalink, said: “Through the advancement of Nefecon, Pharmalink has once again demonstrated its ability to identify and address an unmet clinical need with a strong commercial product proposition. We believe that with this funding, Pharmalink can put in place the necessary corporate structure and clinical plan to bring Nefecon to the market.”
*Based on exchange rate as at today’s date.