October 24, 2006 – News Release
Aescap Venture leads € 12 million financing in Affectis Pharmaceuticals AG
Amsterdam, The Netherlands, October 24, 2006. Aescap Venture announced today the completion of a € 12 million financing round of Affectis Pharmaceuticals AG, a biopharmaceutical company developing novel drugs against depression and schizophrenia. The transaction was led by Aescap Venture. Existing investors in Affectis including Life Science Partners, EMBL Technology Fund and KfW also participated in the round. Domenico (Dinko) Valerio, General Partner of Aescap Venture, will join the Supervisory Board of Affectis. The Company will use the proceeds of the financing round to advance its product candidates.
Studies published by Affectis earlier this year demonstrated an association between depression and schizophrenia and a genetic variant of the receptor gene P2X7. Based on this work Affectis has selected product candidates to treat depression one of which will be taken into clinical development soon. According to WHO figures, 182 million people worldwide suffered from these disorders in 2002. In 2004 the market for drugs to treat depression was Euro 14.5 billion.
Herbert Stadler, CEO of Affectis Pharmaceuticals AG commented: “I am very pleased with the support of this strong group of investors in Affectis. With the proceeds of the funding we will be able to accelerate the development of our lead-products and broaden our business. We welcome Dinko Valerio of Aescap Venture to our board”
Dinko Valerio added: “Affectis has the potential to become a leader in the market of drugs against depression and schizophrenia. P2X7 holds the promise to become the first truly novel target for the treatment of depression in more than a decade. With its experienced and focused management team the company has matured to a stage where it is poised to expand and can also take on in-licensing opportunities. We are delighted to have Affectis as the first investment in Aescap’s portfolio.”
Contacts
Aescap Management BV
Dinko Valerio
World Trade Center
Srtawinskylaan 629
1077XX Amsterdam, The Netherlands
Tel: +31 (0)20 570 29 43
Fax: + 31 (0)20 673 78 46
Email:
Affectis Pharmaceuticals AG:
Sabina van den Brandt
Kraepelinstrasse 2
D-80804 Munich, Germany
Tel: +49 (0)89 - 306 22 - 591
Fax: +49 (0)89 - 306 22 - 370
Email:
Notes to Editors
About Aescap Venture Management
Aescap Venture Management BV, is a venture capital firm focusing on the creation and growth of European (bio)medical companies. Through early and active involvement in the companies, Aescap Venture will achieve an accelerated development of its portfolio companies and their products. In August 2006 Aescap announced that Aescap Venture Fund I had a first close at 59 million €. The fund is still open to new investors. The founders of Aescap are Michiel de Haan, the founder and CEO of Atlas Venture until 2000 and Dinko Valerio PhD, the founder and former CEO of Crucell, a Euronext / NASDAQ-listed biotechnology company. OtherPartners are Patrick Krol MBA, a successful entrepreneur and expert in Life Science marketing and business development and Kreske Nickelsen MSc/MBA, previous Director at 3i, with 8 years of experience in Life Science venture capital.
About Affectis Pharmaceuticals AG
Affectis is a biopharmaceutical company implementing novel concepts for the treatment of mental disorders, especially depression and schizophrenia. The Company has unique capabilities to discover and develop drugs based on pioneering findings in the field of mental disorders. These drugs address the increasing need for more comprehensive and faster-acting antidepressants with fewer side effects. Affectis started operations in November 2003 as a spin-off from the renowned Max-Planck-Institute of Psychiatry, a world leader in the field of psychiatric research. A strong team of executives and scientists with long-term industry experience contribute to Affectis’ progress. The Company raised its third round of venture financing in October 2006, led by Aescap Venture. Affectis is based in Munich, Germany.