By Jennifer Chiou
New York, July 8 - Pepscan Systems BV said it raised €5 million in first-round financing through an issue of convertible notes to several investors in the Netherlands.
PPM Oost NV led investors, which included Lupus Ventures BV, Wageningen Business Generator BV and Technofund Flevoland BV in addition to private investors and existing shareholders.
Proceeds will help further expand Pepscan's portfolio of therapeutic vaccine programs in oncology.
The company's lead product, for which it is seeking clinical proof of principle, is a prostate cancer vaccine, partnered with Chiron. Pepscan is also developing a pancreatic cancer vaccine and a bone metastases vaccine.
"We are very pleased with both the level of funding and the speed by which we have been able to realize this investment round," said Joost van Bree, chief executive officer of Pepscan, in a news release.
Marius Prins, director at PPM Oost, said in the release, "PPM Oost is very pleased with its role as lead investor in Pepscan's first financing round. The company is in the process of making a smooth transition from a peptide-based service provider to a full-fledged drug development company."
Lelystad, Netherlands-based Pepscan is focused on therapeutic vaccine development and peptide-based discovery.
PPM Oost, a provider of private equity capital to early stage life sciences companies, has headquarters in Arnhem en Enschede, Netherlands.
| Issuer: | Pepscan Systems BV
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| Issue: | Convertible notes
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| Amount: | €5 million
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| Round: | First
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| Investors: | PPM Oost NV (lead); Lupus Ventures BV, Wageningen Business Generator BV, Technofund Flevoland BV
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| Announcement date: | July 8
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