Epirus Closes $36 Million Series B Financing
April 16 2014 - 7:00AM
Business Wire
Epirus Biopharmaceuticals, Inc. (Epirus), a Boston-based
biopharmaceutical company focused on the global development and
commercialization of biosimilar monoclonal antibodies, today
announced that it has closed a $36 million Series B financing round
led by Livzon Mabpharm, Inc. Other investors participating in this
round include Adage Capital, Greenwoods Investment, Gibralt US,
Inc., Monashee Capital Partners LP, and an investment affiliate of
Mousse Partners, as well as existing investors TPG Biotech®,
Montreux Equity Partners and 5AM Ventures. In conjunction with the
financing, Daotian Fu, Ph.D., CEO of Livzon Mabpharm, Inc., joined
the Epirus board of directors. Leerink Partners LLC acted as a
placement agent for the transaction.
Proceeds will support the commercialization and further clinical
development of the Epirus product BOW015, a biosimilar to
Remicade®. The company plans to initiate an additional Phase 3
clinical trial for BOW015 in Europe in early 2015. The proceeds
will also support the company’s ongoing development activities for
its pipeline, which includes BOW050 (biosimilar to Humira®) and
BOW030 (biosimilar to Avastin®).
“The strong interest in our company from new and existing
investors provides further validation of our promising pipeline of
biosimilars, and serves as a testament to the strength of our
business strategy,” said Amit Munshi, president and CEO of Epirus.
“The additional funds will allow us to accelerate our pipeline
development, strengthen our global partnerships and build our
commercial infrastructure.”
Daotian Fu, Ph.D., CEO of Livzon Mabpharm, Inc., said, “Epirus’
robust pipeline, business strategy and experienced management
coupled with the global market potential of biosimilars, made this
an attractive investment for Livzon. We are excited to be partners
with Epirus in improving patient access to important and much
needed medications.”
About BOW015
BOW015 is a biosimilar version of infliximab, a biologic therapy
marketed under the name REMICADE®. EPIRUS has previously reported
positive Phase 1 and Phase 3 clinical data for BOW015. The Phase 3
trial met its predefined endpoint and demonstrated the
comparability of BOW015 to REMICADE®, as measured by ACR20 response
in severe rheumatoid arthritis (RA) patients. The study also showed
no meaningful differences between BOW015 and REMICADE® with regard
to safety or immunogenicity.
Epirus is actively progressing applications for marketing
approval for BOW015 in targeted global markets. Epirus also plans
to initiate an additional Phase 3 trial in Europe in early
2015.
About EPIRUS
Epirus is building a global biosimilar enterprise to improve
patient access to important medicines. The Company’s strategy for
commercial success relies on targeted approaches for diverse global
markets.
For emerging markets with accessible regulatory frameworks for
biosimilars, Epirus develops partnerships with local companies to
accelerate regulatory approval and commercialize its products.
For high-growth global markets where local manufacturing confers
strategic and operational advantages, Epirus intends to use its
SCALE™ platform to deliver an “In Market, For Market™”
manufacturing solution with local partners.
For large markets with an established biosimilar regulatory
framework, such as Europe, Epirus plans to commercialize its
products using a combination of direct sales and local
distributors.
More information about Epirus can be found at
www.epirusbiopharma.com
About Livzon Mabpharm, Inc.
Founded in 2010, Livzon Mabpharm, Inc. is one of the first
biotechnology companies to enter biologics research and development
in China. It is mainly focused on development, manufacturing and
sale of antibody-based drugs. It is equipped with a world-class
technical and scientific research team, core technology platforms,
and advanced R&D facilities. The company’s controlling
shareholder is Livzon Pharmaceutical Group, Inc. (“Livzon”, a
pharmaceutical listed company in Mainland China and in Hong Kong
(Stock code:000513.SZ, 01513.HK)), which holds 51% shares of Livzon
Mabpharm, Inc.. Livzon is a diversified pharmaceutical enterprise
integrating development & research, production and sales of
pharmaceutical products, operating to manufacture drug products,
bulk medicines and intermediates, as well as diagnostic reagents
and equipment. Livzon Mabpharm, Inc was founded as the strategic
R&D transformation of Livzon Pharmaceutical Groups, focusing on
development of antibody based drugs and vaccines. More information
about Livzon can be found at www.livzon.com.cn.
REMICADE® is a registered trademark of Johnson and Johnson
(www.jnj.com)HUMIRA® is a registered trademark of AbbVie
(www.abbvie.com)Avastin® is a registered trademark of Genentech
(www.gene.com)
Russo Partners LLCTony Russo,
212-845-4251tony.russo@russopartnersllc.comorAndreas
Marathovouniotis,
212-845-4235andreas.marathis@russopartnersllc.com
EPIRUS Biopharmaceuticals (CE) (USOTC:EPRSQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
EPIRUS Biopharmaceuticals (CE) (USOTC:EPRSQ)
Historical Stock Chart
From Apr 2023 to Apr 2024