By Angela McDaniels
Seattle, Jan. 25 - Ipsat Therapies Ltd. said it has closed a €3 million private placement with InnovationsKapital of Stockholm, Sweden.
As part of the financing deal, InnovationsKapital investment director Ulf Tossman will join Ipsat's board of directors.
"We are excited about Ipsat's approach to fighting antibiotic resistance. We see that the technology has got potential to significantly reduce the unwanted side effects of antibiotic treatment for the benefit of patients and society," Tossman said in a company news release.
Proceeds will be used for research and development with an emphasis on P1A, a recombinant enzyme Ipsat is developing for the prevention of antibiotic-associated diarrhea, antibiotic resistance and gut disturbance. The company said it is actively pursuing alliances with partners to expedite commercialization of P1A.
Ipsat is a biopharmaceutical company based in Helsinki, Finland, that develops therapeutics for antibiotic-resistant infectious diseases.
| Issuer: | Ipsat Therapies Ltd.
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| Issue: | Private financing
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| Amount: | €3 million
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| Announcement date: | Jan. 25
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