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Opsona Therapeutics Closes EUR18M Funding
Date:2/18/2009

DUBLIN, Ireland, February 18 /PRNewswire/ -- Opsona Therapeutics, a biotechnology company focused on novel therapeutic and preventative approaches to autoimmune and inflammatory diseases, today announced the completion of an EUR18M ($23M) Series B financing round which will enable it to expand both at an operational and clinical level. Novartis Venture Fund, Fountain Healthcare Partners, Inventages Venture Capital and Seroba Kernel Life Sciences all participated in the funding.

Proceeds will support the advancement of Opsona's clinical trials targeting inflammatory diseases, such as rheumatoid arthritis, lupus and transplantation. As a part of the financing, Opsona Therapeutics also announced the addition of Florent Gros, managing director at Novartis Venture Fund, and Dr. Manus Rogan, managing partner at Fountain Healthcare Partners, to the Board of Directors. Opsona expects to make a number of other key appointments in the corporate and clinical areas in the coming months.

Commenting on the announcement, Dr Mark Heffernan, Chief Executive Officer of Opsona Therapeutics, said: "Completion of this financing represents a significant milestone in the transition of Opsona into a product-focused company delivering key clinical development milestones. With the endorsement of our existing and new investors, including the Novartis Venture Fund, Fountain Healthcare Partners and Seroba Kernel Life Sciences. Opsona is positioned to deliver on proof of concept studies in patients by targeting inflammatory diseases through the innate immune system, with our ultimate aim being to uncover innovative therapies that combat diseases with significant unmet medical need."

Opsona is developing biopharmaceutical and small molecule products which modulate the innate immune system, which is the key trigger in the inflammation cascade in many autoimmune and inflammatory diseases. Opsona's lead product, a fully hum
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SOURCE Opsona Therapeutics Ltd
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