- On April 3, 2018
STOCKHOLM, Sweden and NEW YORK, USA – April 2, 2018 – ITBMed announces the completion of an equity investment of up to $67 million, led by Mr. Pablo Legorreta, the founder and CEO of Royalty Pharma. This capital injection will be used to develop Siplizumab in its lead indication of induction of tolerance in organ transplantation, where it has been successfully used in a phase II trial to permit organ transplants without the need of lifelong immunosuppression. The funding will allow ITBMed to continue to optimize its research efforts led by world-class researchers and clinicians to develop groundbreaking treatments for transplant patients.
“At ITB, we are honored and pleased to complete this financing with Mr. Legorreta, who shares our passion and determination to improve the treatments available to transplant patients. Mr. Legorreta will bring very valuable experience as a Board Member of ITB”, commented Dr. Erik Berglund, CEO.
“The treatment being developed by ITB has the potential to transform the field of organ transplantation. As evidenced by the highly promising phase II data in HLA-mismatched kidney transplant patients, Siplizumab can achieve tolerance of the transplanted organs without the need for chronic immunosuppression. While significant progress has been made in organ transplantation, rejection remains a long-term problem. A large un-met medical need remains due to the significant negative health consequences of long-term immunosuppression and the transplant rejection that often occurs despite the use of immunosuppressants. ITBMed’s treatment can effectively address this large un-met need, potentially providing patients with the same quality of life as a healthy person,” said Mr. Legorreta.
Pablo Legorreta is the Founder & CEO of Royalty Pharma. With over $18 billion in assets, Royalty Pharma is the largest life sciences investment firm as well as the industry leader in the acquisition of royalties in leading biopharmaceutical products. Royalty Pharma funds innovation in life sciences, indirectly, when it acquires existing royalty interests from the original innovators (academic institutions, research hospitals, foundations and inventors) or, directly, when it partners with life sciences companies to co-develop and co-fund products in late-stage human clinical trials. Royalty Pharma has assembled a portfolio of forty-four approved and marketed biopharmaceutical products and seven products in clinical trials and/or under review with the United States Food and Drug Administration (“FDA”) and/or the European Medicines Agency (“EMA”).
ITBMed is a biopharmaceutical company focusing on the development of specific immunomodulatory biologics for use primarily in organ and stem cell transplantation. The lead candidate drug Siplizumab is a monoclonal antibody in late-stage clinical development, which has shown significant potential in revolutionizing the treatment of organ transplant patients by allowing the complete discontinuation of all immunosuppressive drugs and restoration of a normal life. The research that led to Siplizumab’s potential use in transplantation and its clinical development were initiated by Prof. David H. Sachs, Professor Emeritus at Harvard Medical School and Massachusetts General Hospital (“MGH”), and currently Professor of Surgery at Columbia University, and CTO of ITBMed.
ITBMed also has a strong preclinical research and development profile, including a collaboration with Columbia University, New York, USA, aiming to provide novel IP and break ground for new indications and treatments. The advisory board of ITBMed includes two world-leading medical and scientific advisors: Prof. Megan Sykes, Director of the Columbia Center for Translational Immunology and Director of Bone Marrow Transplantation Research at Columbia University Medical Center, and Prof. Thomas Spitzer, Director of the Cellular Therapy and Transplantation Laboratory and former Director of the Bone Marrow Transplant Program at MGH, and is currently Professor of Medicine at Harvard Medical School.”
ITBMed has been advised by Carnegie Investment Bank. Baker McKenzie served as legal advisor to ITBMed and Goodwin Procter LLP acted as legal advisor to Pablo Legorreta.