2016, 06, 22 — Press release / PILA PHARMA successfully completes new shares emission and strengthens the Board of Directors
Malmö, Sweden, 22 June 2016
You can also download the press release as PDF here
PILA PHARMA successfully completes new shares emission and strengthens
the Board of Directors
PILA PHARMA raises new capital to initiate the clinical assessment of XEN-D0501 as novel anti-diabetic agent
PILA PHARMA AB, Malmö, Sweden announced today it has completed a successful new shares emission which will allow the company to progress its newly acquired clinical development candidate, XEN-D0501, into clinical trials in type 2 diabetic patients.
The new shares emission was directed towards a smaller group of private investors and ALMI Invest Syd AB and was over-signed within 2 weeks.
“It is really highly motivating and I am deeply honored and humble that private people place their trust in me and the company by investing their personal savings in the project” says Dorte X. Gram, founder and CEO of PILA PHARMA.
“Drug discovery projects are normally very costly with high risk of failure” adds Per Antonsson, investment manager at ALMI Invest and Director of the Board of PILA PHARMA. “But the de-risking and cost-reducing approach of PILA PHARMA has made this an attractive investment case for ALMI and we are happy that we were able to defend our stock holding despite great interest from private investors”.
The Chairman of PILA PHARMA, Jan R. Nilsson notes that as a private investor it has been appealing to notice the enormous amount of work that has been laid down in the project so far and the fact that the company has a clear strategy to exit within 3 years as well as the drive by the CEO. “Dorte has a lot of energy, engagement and power” says Jan and Per supplies that “the fantastic energy shown by Dorte is absolutely needed in this kind of virtual drug development projects”.
Approaching clinical trials with the further need of funding whilst preparing for exit, PILA PHARMA is proud to announce the strengthening of its Board of Directors with two significant pharma professionals, Lene Andersen and Fredrik Buch.
“Lene has been on my list of potential Directors of the Board in PILA PHARMA for a long time”, says Dorte X. Gram. “Although we did not know each other then, I noticed Lene already when working at Novo Nordisk, where she was deeply involved in making the insulinanalogue business become a success”. Lene Andersen has worked at Novo Nordisk for more than 18 years with strategy, operations and corporate relations and consolidates PILAs insight into the diabetes market, positioning and marketing of diabetes products as well as licensing.
“Fredrik is a new connection, that I have recently met via private Swedish investors evaluating the PILA business case, says Dorte. “Fredrik was challenging my presentation of the PILA PHARMA clinical development plan including budget in a sophisticated manner, that I thought would be more useful to have inside the company than outside” says Dorte with a smile. Fredrik Buch is a medical doctor and scientist by training and strengthens the Board substantially with clinical, regulatory, financing and board expertise by having a significant track record ranging from academic medical research, clinical development in several pharmaceutical industries, health care fund managing, venture capital, private investor in the biotech segment and last but not least a significant experience from various board of directors.
Notes to Editors:
Dorte X. Gram, PhD
M: +46 (0)73 903 6969
About PILA PHARMA
PILA PHARMA is a “micro-pharma” in the diabetes segment established in Malmö, Sweden. The aim of the company is to develop a novel and superior tablet based treatment for diabetes. The company owns use patents for treating diabetes and obesity with TRPV1 antagonists and has recently acquired a clinical ready TRPV1 asset including the development candidate XEND0501 and will initiate a fast-track clinical development program to demonstrate significant efficacy and safety in type 2 diabetics followed by exit. PILA PHARMA seeks investments for its later stage clinical program. For further information, please visit: pilapharma.com
Diabetes is a world wide pandemic with a staggering prevalence of 415 m diabetics corresponding to approximately 8-10% of the population and it expected to rise to 642 in 2040, according to the International Diabetes Federation. The disease can lead to cardiovascular disease resulting in reduction of quality of life for the patient, increased risk of death and high health care expenses. Approximately 90 % of all diabetics suffer from type 2 diabetes, whilst approximately 10% suffers from type 1 diabetes.
In 2014, the global diabetes market was assessed to be 37,5 bn € and is projected to rise to >100 bn € in 2018, according to Reuters. Approximately half of this market attributes to oral anti-diabetic agents (tablets) whereas the other half of the market attributes to injectable treatments, like insulin and GLP-1.