Opsona completes €6.6m financing agreement

Dubiln, Ireland - 24 February, 2005

Opsona Therapeutics Announces A-Round Financing

 Opsona, a spin out from Trinity College Dublin (TCD) founded in March 2004, announced today that it has completed a financing of 6.25m (c. USD8m) co-led by Inventages Venture Capital (Bahamas) and Seroba BioVentures (Ireland) with co-investors Genentech, Inc. (USA) and Enterprise Ireland. 

Opsona is a development stage immunology company, focused on novel therapeutic and preventative approaches to autoimmune and inflammatory diseases. The company is specifically interested in the fields of Regulatory T-cells and Toll-Like Receptors (TLR) and is building on intellectual property generated through the work of three TCD Professors; Kingston Mills, Luke O’Neill and Dermot Kelleher, who are also co-founders of Opsona. 

The company has two lead drugs, OPN-101 and OPN-201, in advanced preclinical development with a target for entering OPN-101 into initial human clinical trials by early 2006. To date the work on these molecules originating from Professor Mills research has been primarily funded by Science Foundation
Ireland, Enterprise Ireland and the Health Research Board. 

Dr. Mark Heffernan, co-founder and CEO, who has experience with two publicly traded biotechnology companies in Australia, noted that “the quality of research and approaches taken by our three academic founders to treat and prevent this group of debilitating diseases, including rheumatoid arthritis and multiple sclerosis, is internationally recognised and highly novel.” He added “Opsona is well positioned to compete in this fast-evolving area of medical   research and to advance its new therapies into the clinic”.

Commenting on behalf of Seroba BioVentures, who co-led the investment with Inventages, Seamus O’Hara said: “This is an exciting, product-focussed company underpinned by novel science. That’s the sweet spot currently for biotechinvestors and has allowed us to assemble a high quality team of investors for Opsona’s initial funding.”

Dr Cormac Kilty, Chairman of Opsona, CEO of Biotrin International and Chairman of the Irish BioIndustry Association (IBIA), explains that "Opsona is a perfect example of fundamental research being translated into products with commercial potential. Opsona is a further significant contribution to Ireland's emerging
bioindustry."

For further information, please contact:
 info@opsona.com

 

About Opsona
Opsona is a drug development company, focused on novel therapeutic and
preventative approaches to autoimmune and inflammatory diseases. Opsona’s
three scientific founders are world-renowned immunologists in their fields and
Professors at Trinity College Dublin. Opsona is based in Dublin (Ireland).
www.opsona.com

About Inventages
Inventages Venture Capital manages venture capital funds in the area of life
sciences with a focus on prevention. It currently has some 170m assets under
management, with Nestlé S.A. as a major investor.
www.inventages.com

About Seroba
Seroba BioVentures manages Ireland’s first venture capital fund exclusively
dedicated to the life science and medical technologies sectors on the island of
Ireland.
www.seroba.ie

About Enterprise Ireland
Enterprise Ireland is the government agency responsible for the development of
Irish industry. Its core mission is to accelerate the development of world - class
Irish companies to achieve strong positions in global markets resulting in
increased national and regional prosperity.
www.enterprise-ireland.com

About Trinity College Dublin
Trinity College Dublin spins off several new companies each year based on College’s
research or new knowledge based expertise. To find out more about TCD’s
Entrepreneurship programme for post graduates.
www.panel.tcd.ie/events