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Adenovir Pharma raises MSEK 10 to complete phase II study and prepare for exit

The Swedish pharmaceutical development company Adenovir Pharma has raised SEK 10 million via a rights issue to fund completion of an ongoing clinical phase II study for treatment of infectious eye disease and to prepare for exit.

If successfully developed, drug candidate, APD-209 could become the first effective antiviral treatment of EKC and it could solve a major medical problem, according to Adenovir Pharma. The double-blind randomized clinical phase II study started at eye clinics in Sweden and Germany in the beginning of 2014 and is estimated to be completed in 2014. In total the study may include up to 130 patients. A clinical phase I study among 48 healthy volunteers showed that the drug candidate is safe and well tolerated.

“We are very pleased that our investors are so supportive and clearly share our satisfaction at the very good progress this project is making. The capital injection will be used for completion of the ongoing clinical phase II study and to prepare to search for a partner. Our goal is to exit in 2015,” says Björn Dellgren, CEO and Project leader of Adenovir Pharma.