NovImmune Raises $54.8m to Reclaim Lead Compounds

17 May 2009 (Last Updated May 17th, 2009 18:30)

Switzerland-based biotechnology company NovImmune has raised $54.8m to take back control of its lead compounds NI-0401 and NI-0501, alongside further developing its pipeline. NI-0401 and NI-0501 are fully human monoclonal antibodies to CD3 and interferon-gamma, respectively, and have b

Switzerland-based biotechnology company NovImmune has raised $54.8m to take back control of its lead compounds NI-0401 and NI-0501, alongside further developing its pipeline.

NI-0401 and NI-0501 are fully human monoclonal antibodies to CD3 and interferon-gamma, respectively, and have been brought back from under MerckSerono control.

The transaction was led by BZ Bank Aktiengesellschaft.

NovImmune CEO Jack Barbut said that the company has made great progress and remains strictly focused on achieving its goals to progress NovImmune's rich pipeline.

"With the current financing, NovImmune now has regained full control of two of its lead compounds from MerckSerono and is looking forward to moving ahead with the seven products in its portfolio," he said.

NovImmune has also extended its executive management team by appointing Penelope Ward as chief medical officer, Luca Bolliger as head of business development and Olivia Maurel as head of regulatory affairs.