Gimv invests in UK based Prosonix, a specialty pharma company developing novel respiratory medicines
Gimv, together with a syndicate of life science investors including Ventech, Gilde Healthcare Partners, Entrepreneurs Fund, Quest for Growth and Solon Ventures, invests GBP 5.7 million in the second closing of a Series B equity financing round, totaling GBP 17.1 million, of Prosonix (Oxford, UK). It is a specialty pharmaceutical company developing a portfolio of inhaled respiratory medicines of known and approved drugs, using its own particle engineering technology. The proceeds of the financing will be used to progress the company’s emerging proprietary product pipeline of excipient-free, drug-only inhalable mono- and combination therapies.
Prosonix' (www.prosonix.co.uk) drug development is based on a novel ultrasonic particle engineering approach. Its proprietary technology enables Prosonix to develop ‘smart’ excipient-free, drug-only inhalable particles that are specifically designed to optimally target the site of action in the lung, precisely and consistently, delivering maximum clinical effect. Prosonix’ lead products include a generic drug for asthma (PSX1001) and for chronic obstructive pulmonary disease (PSX1002). The company is also advancing the development of its next-generation combination respiratory medicines. In addition to its internal respiratory pipeline, Prosonix worked on numerous co-development partnerships with leading pharmaceutical companies.
David Hipkiss, Prosonix’ CEO, said: “These new funds will enable Prosonix to accelerate its activities aimed at attaining key performance and clinical data for our pipeline of excipient-free, drug-only respiratory medicines. The potential of our novel particle engineering approach to deliver significant added value and benefits to patients and payors alike has been fundamental in attracting leading investors to back the company.”
Karl Nägler, Venture Capital Partner at Gimv, commented on this transaction: “Prosonix is at an important point in its development. Based on the demonstrated performance of its particle engineering platform and approach, the near-term product opportunities in its pipeline, its highly experienced team and a strong and experienced group of investors, we are confident that Prosonix can become a significant player in the area of respiratory medicines. As such, I am looking forward actively supporting the company to achieve this potential.”
Jim Phillips, Prosonix’ Non-executive Chairman, said: “We welcome Gimv and Karl Nägler to Prosonix, strengthening the investor base, and providing further validation of Prosonix’s progress as a respiratory disease focused company.”
All parties involved decided not to disclose any further financial information regarding this transaction.
For further information we invite you to read the Prosonix’ press release in attachment.