Roche Venture Fund, Enterprise Ireland commit €3.3m to Opsona Series B financing
Completed Series B Financing Stands at €21.3m
DUBLIN, Ireland - 19 May 2009
Opsona Therapeutics, a biotechnology company focused on novel therapeutic and preventative approaches to autoimmune and inflammatory diseases, today announced that Roche Venture Fund and Enterprise Ireland have committed an additional €3.3 million to the Series B financing announced in February this year, bringing the total round to €21.3 million.
The new investors join Novartus Fund, Fountain Healthcare Partners, Inventages Venture Capital and Seroba-Kernel in completing the round, which will enable Opsona to further expand its clinical development pipeline.
Proceeds will support the advancement of Opsona's clinical trials targeting inflammatory diseases such as rheumatoid arthritis, lupus and solid organ transplant rejection. It will also be used to improve Opsona's capability to clinically evaluate novel compounds for in-licensing aimed at treating autoimmune and inflammatory diseases.
Commenting on the announcement, Mark Heffernan, Chief Executive Officer of Opsona Therapeutics, said: "We are delighted by the calibre of investors who have supported our Series B financing.
"The investment by Roche Venture Fund is a further endorsement of Opsona's approach to targeting the innate immune system, and the continued support of Enterprise Ireland demonstrates their commitment to investment in high-potential companies.
"This completed Series B round of €21.3 million places Opsona in a strong financial position, which will enable us to continue to achieve our clinical and operational goals over the next three years."
"Roche is excited about investing in Opsona," said Carole Nuechterlein, Head of the Roche Venture Fund. "Opsona's scientific founder, Professor Luke O'Neill of Trinity College Dublin, is world renowned for his expertise in Toll-like receptors and innate immunity."
Commenting on today's announcement John O'Dea, Head of Lifesciences in the High Potential Start Up department in Enterprise Ireland said: "Opsona epitomises the type of innovative high potential company that EI is keen to support, and shows what can be achieved when the ambition and energy of a company are harnessed and suppported. The company has a solid business strategy and strong links with industry and universitiies. Opsona has grown its product pipeline by investing intensively in collaborative R & D."
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