£7m for Paradigm
Paradigm Therapeutics has raised £7 million in a fourth round of private equity funding
Paradigm Therapeutics has raised £7 million in a fourth round of private equity funding to develop new compounds and takes its progress its existing product through clinical trials.
The round was supported by Paradigm's existing investors, Avlar BioVentures, Bio*One Capital, Merlin Biosciences and Lloyds TSB Development Capital.
CEO Dr Alastair Riddell said: "The investment, combined with the revenues from our collaborations with J & J and Takeda, puts Paradigm in a strong position to pursue its programmes on new target validation and its pre-clinical development compounds.
"Our first product, PTD 634, is a small molecule, oral GnRH antagonist for the treatment of hormone dependent diseases such as prostate and breast cancer and is due to enter the clinic in the first half of 2007."
Alan Goodman of Avlar BioVentures added: "Paradigm has clearly demonstrated that it can add significant value to major pharmaceutical companies' research portfolios.
"This investment will allow the company to take its first product to the clinical proof of concept stage and achieve its first liecensing deal - both major drivers of value for the company."
Paradigm was founded in 1999 and has established world class target identification and validation capabilities based on gene knock out technology and in vivo pharmacology.
The acquisition of fellow Cambridge biotech, Amedis Pharmaceuticals in January 2005 added key medicinal chemistry skills.
The combined company has focused on the identification of novel, small molecule tractable targets with defined therapeutic utility within key gene families such as G-protein coupled receptors (GPCRs), ion channels and proteases.
The company has developed a drug discovery pipeline comprising targets and late stage pre-clinical projects in key areas of unmet medical need in pain, CNS disorders, hormone dependent diseases such as prostate and breast cancer and metabolic diseases such as diabetes, hyperlipidemias, obesity and osteoporosis.
In June 2005 Paradigm Therapeutics announced two major collaborations with Ortho-McNeil Pharmaceuticals (J&J) in pain and urinary urge incontinence and with Takeda in CNS disorders.
The company is based in Cambridge and Singapore.