Press Releases
2004-11-24
Swedish Drug Development Company OxyPharma Files Patent Application for Substances for the Treatment of Rheumatoid Arthritis and Multiple Sclerosis
- New Investors Invited to Participate in Financing Round -
Swedish drug development company OxyPharma has filed a patent application for the substance Rob 803 including other related substances. Rob 803 and analogues have in animal tests shown very promising results for the treatment of Rheumatoid Arthritis (RA) and Multiple Sclerosis (MS). In addition, OxyPharma plans a financing round aimed at new investors in order to continue developing drugs for the treatment of RA and MS.
OxyPharma has filed a patent application in Europe covering substances, synthesis as well as indications – including both RA and MS – for its substance Rob 803 and associated analogue substances under development. In the US, a provisional patent application has been filed.
Rob 803 has been developed from OxyPharma’s patented lead compound B-220, from which OxyPharma has developed several analogue substances, which in animal studies have shown very promising results for the treatment of RA and MS.
OxyPharma has for the treatment of RA selected Rob 803 as its candidate drug (CD), and for which OxyPharma is currently conducting toxicological studies. OxyPharma intends to start Phase IIa clinical studies of Rob 803 in early 2006. OxyPharma intends to select a candidate drug for MS in February 2005.
At present, there are no effective, safe and easily administrated drugs for the treatment of RA and MS, diseases that affect millions of people worldwide. However, animal studies indicate that OxyPharma’s substances can be effective, easy to administrate (orally) and may be produced at low cost compared with current products. The value of the RA and MS markets are each estimated at more than USD 3bn annually, and are growing rapidly.
Financing Round of SEK 80-130m Planned
OxyPharma announces the plans to attract new investors by issuing new shares. The objective is to secure the midterm need for operative capital to further develop the RA and MS drugs (e.g. by clinical studies). The financing round will consist of newly emitted shares valued at between SEK 80m and SEK 130m (approx. EUR 9m – EUR 15m) that are offered to primarily European investors. OxyPharma’s main owner Leif Lundblad has expressed his willingness to participate in the financing round on the same terms as the new investors.
OxyPharma’s majority owner is Leif Lundblad, innovator and entrepreneur. Leif Lundblad has founded several companies and has more than 300 patents to his name. He founded Inter Innovation, a company developing technologies for cash handling in e.g. ATM’s. Inter Innovation was subsequently listed on the Stockholm Stock Exchange and had annual revenues of more than SEK 1.2bn and 2000 employees when it was acquired by the British company De La Rue. Leif Lundblad sits on several boards, including the Swedish Industrial Development Fund.
Swedish Drug Development Company OxyPharma Files Patent Application for Substances for the Treatment of Rheumatoid Arthritis and Multiple Sclerosis
- New Investors Invited to Participate in Financing Round -
Swedish drug development company OxyPharma has filed a patent application for the substance Rob 803 including other related substances. Rob 803 and analogues have in animal tests shown very promising results for the treatment of Rheumatoid Arthritis (RA) and Multiple Sclerosis (MS). In addition, OxyPharma plans a financing round aimed at new investors in order to continue developing drugs for the treatment of RA and MS.
OxyPharma has filed a patent application in Europe covering substances, synthesis as well as indications – including both RA and MS – for its substance Rob 803 and associated analogue substances under development. In the US, a provisional patent application has been filed.
Rob 803 has been developed from OxyPharma’s patented lead compound B-220, from which OxyPharma has developed several analogue substances, which in animal studies have shown very promising results for the treatment of RA and MS.
OxyPharma has for the treatment of RA selected Rob 803 as its candidate drug (CD), and for which OxyPharma is currently conducting toxicological studies. OxyPharma intends to start Phase IIa clinical studies of Rob 803 in early 2006. OxyPharma intends to select a candidate drug for MS in February 2005.
At present, there are no effective, safe and easily administrated drugs for the treatment of RA and MS, diseases that affect millions of people worldwide. However, animal studies indicate that OxyPharma’s substances can be effective, easy to administrate (orally) and may be produced at low cost compared with current products. The value of the RA and MS markets are each estimated at more than USD 3bn annually, and are growing rapidly.
Financing Round of SEK 80-130m Planned
OxyPharma announces the plans to attract new investors by issuing new shares. The objective is to secure the midterm need for operative capital to further develop the RA and MS drugs (e.g. by clinical studies). The financing round will consist of newly emitted shares valued at between SEK 80m and SEK 130m (approx. EUR 9m – EUR 15m) that are offered to primarily European investors. OxyPharma’s main owner Leif Lundblad has expressed his willingness to participate in the financing round on the same terms as the new investors.
OxyPharma’s majority owner is Leif Lundblad, innovator and entrepreneur. Leif Lundblad has founded several companies and has more than 300 patents to his name. He founded Inter Innovation, a company developing technologies for cash handling in e.g. ATM’s. Inter Innovation was subsequently listed on the Stockholm Stock Exchange and had annual revenues of more than SEK 1.2bn and 2000 employees when it was acquired by the British company De La Rue. Leif Lundblad sits on several boards, including the Swedish Industrial Development Fund.
