SOM Biotech closes first financing round and files patent application

SOM Biotech, a biopharmaceutical start-up company with a business model centered on the identification and development of drug repurposing opportunities, reports significant progress on its trajectory towards pipeline development and candidate outlicensing.

First Venture Financing Completed

On January 1st, 2011 SOM closed its first round of venture capital acquisition in which the Barcelona investment company INNOVA31 S.C.R.S.A. and six business angels participated. The total volume invested exceeds EUR 750.000. The new capital will be used to fund in silico discovery of new candidate compounds, preclinical investigations of candidates that have already been identified, and patenting. A second investment round is tentatively scheduled for late 2011.

First Patent Application Filed

On February 14, 2011 SOM filed its first patent application in the United States. The application claims SOM-0525, an inhalable product candidate for the treatment of asthma. It is based on an active ingredient that has been recently approved in an oral dosage form for totally unrelated diseases. The U.S. application will eventually expand into an international patent family. A patent application for another asthma product candidate, SOM-1033, is planned for the second quarter of 2011.

Pipeline Structure and Project Advances

In addition to SOM-0525 and SOM-1033 for asthma and/or obstructive respiratory disease, SOM currently has 9 additional projects ongoing: five are intended for investigation as therapies for various infections, and one each targets cancer, osteoporosis, multiple sclerosis, and blood coagulation disorders. Depending on preclinical results, SOM intends to file patent applications for these candidates later in 2011. To cope with the increasing pharmacological workload, SOM has hired a third project coordinator in January 2011.

"SOM Biotech continues its advance on the development path laid out in 2010," commented SOM's Chief Executive Officer, Dr, Raúl Insa. "Together with the high-caliber scientific advisory board which we have recently established, we will continue to explore the identified opportunities and to secure intellectual property at the earliest possible stage. As our pipeline unfolds, candidates will be made available for outlicensing."

SOM Biotech is totally focused on the concept of drug repurposing, a strategy that bypasses the delays, risks and costs of drug discovery and early stage development. Repositioned drug candidates have already passed extensive preclinical and/or clinical investigations, and the risk of failure related to adverse effects is significantly reduced. Once SOM has identified and preclinically validated a new use for known compounds, the company obtains strong patent protection, and pursues licensing and joint-venture agreements for the further development of the reprofiled drugs. Founded in December 2009, SOM Biotech is situated at the Barcelona Science Park and is part of Bioincubator PCB Santander. The company has obtained exclusive property on its in-silico technology for drug repurposing.

http://www.sombiotech.com