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Epigenomics raises € 21 (US$ 22.5) million in a third round of financing
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| Date: Thursday, 03.04.2003 |
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| Press release, Berlin, Germany, and Seattle, Washington |
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Epigenomics AG, a biotech company developing DNA methylation based products for early detection and molecular classification of cancer and other diseases, announced today the closing of a € 21(US$ 22.5) million series C round of financing. New investor The Wellcome Trust Limited (London, UK), and all existing VC investors participated in the round. Existing investors include 3i Group and Abingworth, (both London, UK), Deutsche Venture Capital DVC (Munich, Germany), MPM Capital (Boston, USA), and tbg (Bonn, Germany). This third round brings the total capital raised by Epigenomics since its inception in 1998 to over € 56M (US$ 60M).
The proceeds of the round will be used to expand Epigenomics’ leadership in DNA methylation. Epigenomics will use the funds for the further development of its diagnostic products in cancer as well as its pharmacodiagnostic and research products. In addition, Epigenomics will also apply these funds to pursue different disease indications and for general corporate purposes.
"What really interested us in Epigenomics was its leadership in a revolutionizing field and the recent validation of its approach in cancer by entering into a strategic alliance with Roche," stated Julie Eskay-Eagle, Manager, Direct Investments, from The Wellcome Trust Ltd.
Oliver Schacht, CFO of Epigenomics, added: "To close this substantial financing round in the current climate is a clear endorsement from all our investors. With The Wellcome Trust, we are adding a strategic partner to broaden further the syndicate of investors."
Epigenomics is also adding two new members to its supervisory board. Klaus Stöckemann (PhD, MBA, Director Healthcare 3i Group) as well as Bruce Carter (PhD, President and CEO Zymogenetics) will join Jörg Neermann (DVC), Prof. Rolf Krebs (Boehringer Ingelheim), Michael Steinmetz (MPM) and John Berriman (Abingworth).
Epigenomics is committed to significantly improving the treatment of cancer and other complex diseases by developing novel diagnostic and pharmacodiagnostic products based on DNA methylation. By detecting and interpreting DNA methylation patterns, the \"on\" and \"off\" signs for genes, Epigenomics can create a digitized readout (Digital Phenotype®) for each cell. The comparison of a patient’s cells against healthy and sick reference samples enables an exact diagnosis of disease at a very early stage and provides physicians with essential information to help guide an appropriate therapy. The combination of diagnosis and therapy, based on this information and robust proprietary technology, is "personalizing" medicine. Epigenomics is supported by a network of renowned academic researchers and clinicians, with expertise in the fields of cancer and DNA methylation. The company has its headquarters in Berlin, Germany, and a wholly owned subsidiary in Seattle, USA. For more information, please visit our website www.epigenomics.com. |
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