Index Pharmaceuticals has announced the closing of a USD 20 million / EUR 15 million new rights issue.
The Swedish biotechnology company expects to report data from a Phase III study with its lead product candidate Kappaproct, which is being developed for the treatment of severe Ulcerative Colitis. The results from the ongoing Phase III study are expected in mid-2014. T As the study is becoming finalized the company is bringing in EUR 15 million, or SEK 134 million.
NeoMed new shareholder
Index Pharmaceutical has also announced that in conjuction with the investment Dr. Erik Amble, Managing Partner and founder of NeoMed Management, has been appointed as a new member of the company’s Board of Directors. “We are very pleased to welcome NeoMed as a shareholder,” said Jesper Wiklund, CEO of InDex Pharmaceuticals in a press release. “NeoMed brings extensive experience with drug development as well as a strong network of industry contacts. These will be major assets as we move our lead drug candidate Kappaproct towards the market.”
Source: Index Pharmaceuticals