Healthcare Industry News: CU-2010
News Release - August 5, 2008
TVM Capital Welcomes The Medicines Company in The European Market Through the Acquisition of Curacyte Discovery GmbHMUNICH, Germany--(HSMN NewsFeed)--TVM Capital, a major shareholder of Curacyte AG, is pleased that Curacyte Discovery GmbH, a wholly owned subsidiary of Curacyte AG has been acquired by The Medicines Company (NASDAQ: MDCO ) with the intent to further develop the compound CU-2010 for the prevention of blood loss during surgery. This development will continue in Leipzig, Germany.
Curacyte AG has received a payment of € 14.5 million ($22.8 m) and will be eligible to receive additional payments when The Medicines Company reaches Phase II clinical development of CU-2010, future commercial milestones, and associated royalty payments. Proceeds from this transaction will be used to further develop the company’s lead product Hemoximer (Pyridoxalated Hemoglobin Polyoxyethylene, PHP) in a Phase III pivotal trial in patients suffering from catecholamine-resistant distributive shock.
“We are proud that we have been involved with building a biotechnology company with strong enough science and development projects to be acquired by a leading US public company. We are also pleased that the team in Leipzig will be able to continue its work with the new ownership. ,” said TVM Capital Life Science Managing Partner, Dr. Helmut M. Schühsler. “We are looking forward to our continued partnership with Curacyte AG as the company develops its lead product, Hemoximer.”
TVM Capital initially invested in Curacyte AG in 2000 and has participated in the subsequent rounds of financing to support the company’s compound development efforts.
About TVM Capital
TVM Capital, founded in 1983, is one of the first venture capital firms formed in Germany and an early entrant into the U.S. market in 1986. Since inception TVM Capital has raised more than €1.3 billion ($1.6 billion) in six fund generations and has established itself as a leading investment group in Europe and the US. TVM Capital funds have made investments in more than 235 in life science and information technology companies where innovation, effective management and sound financial backing have enormous impact on company growth.
The firm’s in-depth knowledge of the European and US environment helps companies create businesses that enjoy access to science, management talent, distribution channels and capital on both sides of the Atlantic. More than 50 companies from its portfolio have gone public on European and U.S. stock exchanges. Today, TVM Capital is actively invested in more than 70 companies.
For more information please visit: www.tvm-capital.com
Curacyte Discovery GmbH is a wholly-owned subsidiary of Curacyte AG. Curacyte AG is an advanced biopharmaceutical company dedicated to the development of new therapeutics for acute and critical care conditions.
Curacyte’s lead product is hemoximer (Pyridoxalated Hemoglobin Polyoxyethylene, PHP). Hemoximer has been developed as a scavenger of nitric oxide, the causative agent responsible for vasodilation and hypotension in shock. The ability to scavenge and metabolize NO is one of the important physiological functions of natural hemoglobin. Hemoximer has been demonstrated to reverse the vasodilation and resolve the hypotension associated with distributive shock. Hemoximer has completed Phase II clinical development in its primary indication, distributive shock, and is now entering a Phase III study in catecholamine-resistant distributive shock. Apart from distributive shock, hemoximer is also being studied as an adjunct to high-dose interleukin 2 (IL-2) cancer therapy for patients with metastatic melanoma and renal cell carcinoma. Shock is a frequent dose-limiting side effect of high-dose IL-2 therapy. Hemoximer is the proposed International Non-Proprietary Name (INN) for PHP. The Company’s website is www.curacyte.eu.
About The Medicines Company
The Medicines Company (NASDAQ: MDCO ) is focused on advancing the treatment of critical care patients through the delivery of innovative, cost-effective medicines to the worldwide hospital marketplace. The Company markets Angiomax® (bivalirudin) in the United States and other countries for use in patients undergoing coronary angioplasty, as well as Cleviprex™ (clevidipine butyrate) injectable emulsion in the United States for the reduction of blood pressure when oral therapy is not feasible or not desirable. The Company also has one product, cangrelor, in late-stage development. The Company's website is www.themedicinescompany.com.
Source: TVM Capital
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