Archimedes Pharma, a Reading, UK-based biopharma company focused on oncology, pain, neurology and critical care sectors, has raised £65m (approximately $$100m) in new funding.
The round was led by new investor Novo Growth Equity, the growth equity fund of Novo A/S, and included participation by major current investor, Warburg Pincus, a global private equity firm.
The company also appointed a new President and Chief Executive Officer, Jeffrey H. Buchalter, formerly President and Chief Executive Officer of US-based Enzon.
The board will now include Simon Turton and Piyush Shukla of Warburg Pincus; Ulrik Spork and Goran Ando of Novo A/S; and Jeffrey H. Buchalter.
The funds will be used to establish Archimedes’ operations in the US and support the growth of the successful specialty pharma business in Europe. In particular, they will help the company support the global commercial launch of PecFent (previously known as NasalFent), Archimedes’ innovative fentanyl nasal spray for the treatment of breakthrough cancer pain.
PecFent has been filed for approval in Europe and the US and is expected to be approved for commercial sale in both regions during 2010.
The product is supported by an extensive phase III clinical development programme in which the product met all primary and secondary end-points. The phase III studies demonstrated that PecFent showed onset of pain relief within five minutes of dosing, statistically significant improvements in pain relief versus immediate release morphine, together with high levels of patient acceptability and consistent effectiveness in use.
Archimedes Pharma currently markets a range of products in the UK, France, Germany and Ireland, and will continue to expand its commercial presence in Spain and the US during 2010.