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KeyNeurotek Pharmaceuticals completes € 8.2 million ($ 10.8 million) series C financing round

Magdeburg, April 7, 2009 – KeyNeurotek Pharmaceuticals AG, a biotechnology company focused on the development and marketing of drugs against autoimmune diseases and degenerative disorders of the central nervous system (CNS), today announced the successful second closing of its Series C financing round. The total volume of the round amounts to € 8.2 million.

All existing main investors, DVC Deutsche Venture Capital (Munich), IBG Beteiligungsgesellschaft (Magdeburg) and KfW (Bonn) have participated in this round. DVC Deutsche Venture Capital was acting as lead investor. Jürgen Gerlach, Managing Partner at DVC, has replaced Dr. Alexander Asam on KeyNeurotek’s Supervisory Board. Both the company's management team and its Supervisory Board members thank Dr. Asam for his exceptional commitment during the past years.

The funds are being used to advance KeyNeurotek’s diversified clinical product port-folio addressing major and unmet medical needs such as traumatic brain injury (TBI) and aconuresis (urinary incontinence). The company’s lead compound KN38-7271, adual cannabinoid CB1/CB2 receptor agonist, is currently investigated in a multinational Phase-IIa-Study in comatose TBI patients to prove its clinical safety and tolerability. Furthermore, KeyNeurotek Pharmaceuticals is hoping for therapeutic efficacy signals. Study results are expected this summer. KN38-7271 has been granted Orphan Drug Designation by the European authorities. For its second clinical product candidate KN203, a µ-opioid receptor agonist with distinct effects on bladder muscle contraction, the company is preparing for a Phase IIa / proof-of-concept trial in 180patients with urinary incontinence or overactive bladder.

Jürgen Gerlach, Managing Partner of DVC, said: „KeyNeurotek has successfully executed its strategy to build a promising clinical portfolio of CNS drugs in difficult times, and we therefore are very committed to support the further development of the company and its projects.'

Dr Frank Striggow, CEO of KeyNeurotek Pharmaceuticals, commented: „Of course, we are extremely pleased about being able to close this important transaction during challenging times. Based on our leading product and technology profile, this investment will enable us to achieve further value creating milestones.”

About KeyNeurotek Pharmaceuticals AGKeyNeurotek Pharmaceuticals, a privately held biotechnology company, was founded in 2000 within the Magdeburg, Germany, region, one of the leading centers of neuro-science in Europe.

The company pursues a number of drug candidates in various preclinical and clinical stages. The most advanced compound, KN38-7271, a cannabinoid receptor agonist, is in a Phase IIa trial in comatose patients with traumatic brain injury. At present, there is no targeted therapy for these patients.

KeyNeurotek Pharmaceuticals has unique functional and tissue-based high throughput screening platforms for compatible ex vivo and in vivo studies (TELOMICSTM). Based on its know-how, KeyNeurotek develops innovative therapies for the treatment of various neurodegenerative diseases of the central nervous system, such as traumatic brain injury (TBI), stroke, Alzheimer's disease and urinary incontinence/overactive bladder.

The company has built a strong network with renowned local and international partners, including, among others, the Leibniz Association, the Max Planck Society and Fraunhofer Society, Evotec, Schwarz Pharma/UCB, Bayer Schering and Gruenenthal. KeyNeurotek Pharmaceuticals has been awarded the Hugo-Junckers Innovation Award of the State of Sachsen-Anhalt in 2002 and 2004 and the Innovation Award o fthe German Industry in 2006.

Dr Frank Striggow

KeyNeurotek Pharmaceuticals AG
Leipziger Str. 44
D-39120 Magdeburg

Tel.: +49 391 6117 220
Fax: +49 391 6117 221

Publisher Contact Information:

KeyNeurotek AG
+49 391 6117 220

Company profile of KeyNeurotek AG
Past press releases of KeyNeurotek AG.


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