A total of eighteen super-business angels from various countries around the world have taken part in this round, including: Monaco, United Kingdom, Poland, Czech Republic, United States, South Korea, Hong Kong, India and Spain.<\/p>\n
“In this group of investors there is a high representation of former executives from the global pharmaceutical sector, which reveals a great confidence in SOM Biotech’s present and future business strategy. This round also proves how international business angels can consolidate a large investment in companies of our sector at a closed stage to a Series A funding”, stated Raul Insa, CEO of SOM Biotech.<\/p>\n
The company will deploy this capital injection to consolidate its presence in the United States; to strengthen its licensing and co-development activities during the first half of 2017; and to finance a phase II clinical trial of its compound SOM3355 for Huntington’s disease, the company’s second program to reach clinical stages.<\/p>\n
Compound SOM3355 is a repositioned drug, that is, a previously approved drug for another indication. Hence, the risk and level of investment to develop new therapeutic applications are reduced. The company anticipates that this medicine can reach the market in a period of five years with estimated sales of over \u20ac600 M.<\/p>\n
SOM Biotech is one of the few biopharmaceutical companies in the world specialized in identifying new therapeutic activities from medicines which are already in the market. “So far we have deposited 8 patents of new medical indication and formulation. The funds raised in this round will allow us to strengthen our international presence necessary to become the world\u00b4s leaders in the field of drug repositioning for rare neurological diseases”, explains Dr. Insa.<\/p>\n
According to Raj Airey, investor and Chief Strategy Officer of the company: “SOM Biotech offers a unique opportunity to investors as it is relatively low risk, high reward scenario due to the repurposing business model. Thanks to its ability to generate new products for its pipeline, it will deliver healthy returns in the future\u201d.<\/p>\n
Since its inception in 2009, the company has raised more than \u20ac5.3M from private capital and from public grants and loans. “SOM Biotech currently has a company valuation, according to independent experts, of over \u20ac100M. The company will soon launch its Series A round for $10M Euros with the aim of accelerating the company\u00b4s potential “, says Raul Insa.<\/p>\n","protected":false},"excerpt":{"rendered":"