Shield Therapeutics, a Swiss pharmaceutical company that develops and commercialises late-stage hospital pharmaceuticals, has raised €8.2m (£7.1m) from Inventages Venture Capital in its first institutional (Series A) financing round.
The new investment will help fund the Phase III development programme and subsequent filing of a marketing authorisation application for ST10-021, a novel stable complex of ferric iron in an oral formulation initially being developed for the treatment of iron deficiency anaemia, a key symptom of ulcerative colitis and Crohn’s disease.
‘We are delighted to have successfully completed this fundraising, which serves as further validation of the potential of ST10-021 as a novel treatment for iron deficiency anaemia and Shield’s development strategy,’ said Carl Sterritt, chief executive officer and co-founder of Shield Therapeutics. ‘Shield is now well positioned to build upon the progress achieved to date as we can accelerate our plans and commence AEGIS I and II — the pivotal trials for ST10-021 — during 2011.’
Shield Therapeutics will commence international Phase III trials of ST10-021 in patients in the second half of 2011.
Prior to the investment by Inventages, Shield Therapeutics successfully completed three private investment rounds, raising a total of approximately €6m.