OctreoPharm Sciences GmbH, a Berlin, Germany-based a biopharmaceutical company that focuses on the development of new radio pharmaceuticals for neuroendocrine tumours, closed a €5m financing round.
Investors include VC Fonds Technologie Berlin AG, which is managed by the IBB Beteiligungsgesellschaft, Eckert Wagniskapital und Fruehphasenfinanzierung GmbH, and KfW-Mittelstandsbank.
The company intends to use the funds for the clinical development of its cancer diagnostic SOMscan(R), which is suitable for the detection and treatment control of neuroendocrine tumours.
Clinical trials up to phase II are expected to be implemented in the next two years. According to a written statement, if they are successful, the European approval of the radiopharmaceutical can be reached in 2014, after a further round of financing, to be followed by the U.S. approval.
The company is led by founders Dr. Hakim Bouterfa (Managing Director of OctreoPharm Sciences and responsible for the area of clinical development) and Udo Blaseg, (Managing Director).