Speedel raises CHF70 million in financing

By Jennifer Chiou

New York, Aug. 4 - Speedel said it obtained CHF70 million in financing through convertible loan notes, which were subscribed primarily by current shareholders.

"Our fundraising in 2005 yielded a total of CHF 117.8 million, one of the largest private biotech funding rounds worldwide," Konrad P. Wirz, chief financial officer of the Basel, Switzerland, biopharmaceutical company, said in a news release.

"Our mature and diverse pipeline includes two Phase III products with blockbuster potential for major indications, SPP100 partnered with Novartis for hypertension and SPP301 for diabetic kidney disease. Furthermore, our clinical pipeline includes SPP200 in Phase II for graft occlusion in chronic hemodialysis."

Proceeds will go towards clinical pipeline development, specifically for the Phase III study of SPP301 that began in July, and to support the activities of Speedel Experimenta, the company's late-stage research unit.

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