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GOTHENBURG, Sweden, May 28GOTHENBURG, Sweden, May 28 /PRNewswire/ -- PharmaSurgics AB has received SEK 17 million to complete the preclinical development of their candidate drug (PXL01). The primary indication for PXL01 is the prevention of post-surgical adhesions and the clinical documentation will start in Q1 2009. The investment round led by Karolinska Development (KD) also included Östersjöstiftelsen and Midroc New Technology.
PharmaSurgics is developing a novel pharmaceutical product for the prevention of post-surgical adhesions, based on the human protein lactoferrin. Adhesions are bands of harmful scar tissue that develop after all types of surgical procedures and cause symptoms such as chronic pain, bowel obstruction, infertility and impaired mobility. The extensive problems associated with adhesions cause severe pain to millions of patients annually and lead to huge costs for healthcare systems across the globe. Existing products on the market have failed to show clinical efficacy and have been associated with adverse effects or complicated handling. The patented drug candidate PXL01 has demonstrated an excellent effect and safety profile in preclinical studies and the first clinical trial on patients are planned for the second half of 2009. PharmaSurgics goal is to be first to market with a pharmacological product for the prevention of post-surgical adhesions.
About PharmaSurgics
PharmaSurgics in Sweden AB ("PharmaSurgics"), develops and commercializes a novel treatment for preventing harmful scarring and promoting wound healing after surgery. PharmaSurgics product concept is based on proprietary synthetic peptides of human lactoferrin which have strong anti-inflammatory and anti-infectious properties. The company was founded in 2005, based on extensive research by Dr. Inger Mattsby- Baltzer and Professor Kjell Olmarker at Sahlgrenska University Hospital, Göteborg, Sweden. PharmaSurgics offices and laboratories are located in Biotech Center at Medicinareberget in Göteborg
About Karolinska Development
Karolinska Development is a Swedish investment company using a unique and cost effective model to commercialize internationally renowned life science innovations. Professionals in business development and management, supported by a network of experienced technical specialists, ensure fast and efficient development. This enables KD to rapidly build value in high risk opportunities. From a position as a long term, lead investor in the seed stage, KD develops the medical products of the future. Karolinska Development's office is located at the Karolinska Institute Science Park, Swedenhttp://www.karolinskadevelopment.com
About Midroc New Technology AB
Midroc New Technology AB is a Swedish venture capital company that invests at early stages in technologies with demonstrated potential for a substantial, rapid and international break-through in the fields of Life Science and Clean Tech.
Midroc New Technology AB is part of Midroc Europe. The Group offers a wide range of management and contracting services to the civil and industrial market. In total the Group has 2 700 employees and an annual turnover amounting to SEK 4.0 billion.
About Östersjöstiftelsen
Östersjöstiftelsen was established in 1994 by the Swedish government. In January 2007, the endowment's market value was approximately SEK 7.1 billion. There are two committees of the Board, one deal with finances and one for academic affairs. The Foundation is governed by a Board appointed by the Swedish government. For further information please contact Fredrik Sjövall, Ph: +46-31-762-29-01
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