July 26, 2012
$14.8 Million in Financing from BNDES and Orphan Drug Designation for Lead Cancer Therapeutic
July 25, 2012 - New York, NY - The Ludwig Institute for Cancer Research Ltd (LICR) commends Recepta Biopharma S.A. on recent milestones that will help to advance the development of new cancer therapeutics for patients.
Today the Brazilian Development Bank (BNDES) announced financial support for Recepta totalling $14.8 million (R$28.9M). The financial commitment marks the first time that BNDES has invested in an early stage biotechnology company.
Additionally, in March 2012, the U.S. Food and Drug Administration (FDA) granted orphan drug status to Recepta’s lead biologics’ candidate, ReMab 100, for the treatment of ovarian cancer. Monoclonal antibody ReMab 100 is currently in Phase II clinical trials for the treatment of ovarian tumors. The FDA grants “orphan status” to drugs and biologics that aim to treat a rare medical condition affecting a small patient population, providing companies with tax and marketing incentives. It is the first time that the FDA designated such status to a Brazilian company.
Founded in 2006 as a joint partnership between the Ludwig Institute and Brazilian investors, Recepta is Brazil’s first oncology biotechnology company. Recepta develops monoclonal antibodies – proteins produced in a laboratory that can recognize cancer cells and trigger an immune response to destroy them. Recepta licensed four antibodies from LICR, including ReMab 100.
“The Ludwig Institute applauds BNDES’s investment in Recepta,” said Jonathan Skipper, Ph.D., Executive Director of Technology Development at the Ludwig Institute. “There are tremendous clinical research opportunities in Brazil. It is a country with many very talented laboratory and clinical researchers translating science into new therapies that will reach patients.”
Click here for the announcement from BNDES: BNDES
Click here for the Recepta press release: Recepta