Sep 23 2010
S*BIO Pte Ltd today announced a US$5 million investment by Mitsui Ventures that will support the continued development of S*BIO's clinical programs.
"Mitsui Ventures' financing commitment reflects the international investment community's strong interest in our track record in advancing multiple assets through clinical development and the quality of our various preclinical and clinical programs," said Dr. Jan-Anders Karlsson, CEO of S*BIO. "The involvement of Mitsui Ventures broadens our investor base and also enhances the company's profile and standing in Japan and Asia."
This investment follows the recent patient enrolment completion of S*BIO's Phase 2 clinical trials with its orally-active JAK2 inhibitor, SB1518. S*BIO's other lead compound SB939, a novel HDAC inhibitor is scheduled to enter Phase 2 Studies in Q3 2010.
Mr. Katsuhiko Oizumi, President and CEO of MVC Corporation (Mitsui Ventures), said, "S*BIO's cutting edge technology and the market potential of its drug candidates fits with our investment strategy to provide financing for programs that have distinctive and attractive features and can capture a significant portion of major markets."
Ms. Swee Yeok Chu, CEO of Bio*One Capital a subsidiary of EDBI, added, "We are pleased to have Mitsui Ventures as a co-investor to strengthen the collaborative opportunities which S*BIO presents to pharmaceutical partners particularly in Japan. This financing comes at an exciting time for S*BIO when there has been significant progress made in the clinical advancement of the company's proprietary compounds and as S*BIO moves closer to the final stages of development with its anti-cancer agents."