Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Boehringer Ingelheim GmbH : Boehringer Ingelheim and Funxional Therapeutics announce acquisition of Funxional’s FX125L and the somatotaxin portfolio to treat inflammation

07/23/2012 | 05:04am US/Eastern

Ingelheim, Germany and Cambridge, UK - 23 July 2012 Today, Boehringer Ingelheim, one of the world's leading pharmaceutical companies, and Funxional Therapeutics, a clinical-stage, asset-centric, private company, announced an agreement under which Boehringer Ingelheim will acquire the global rights to Funxional Therapeutics' FX125L compound and somatotaxin programme. FX125L is a small molecule to treat a broad range of inflammatory diseases and was recently studied in a Phase 2 clinical trial in patients. Boehringer Ingelheim will be responsible for all further research, development and commercialisation of FX125L. Financial details of the transaction were not disclosed.

"Boehringer Ingelheim is delighted to add another promising compound to its development pipeline of drugs for the treatment of respiratory disease, one of its most important therapeutic areas", said Prof. Klaus Dugi, Corporate Senior Vice President Medicine, "by acquiring the Funxional Therapeutics programme, we are looking forward to bringing a potential new therapy to patients, for instance those suffering from Asthma and COPD."

David Grainger, Founder and CSO of Funxional Therapeutics commented: "We are very pleased that the future development of FX125L and the somatotaxin programme will be now driven forward by Boehringer Ingelheim. They are a very impressive organisation and their people have the necessary knowledge, skills and experience to successfully develop FX125L."

Funxional Therapeutics was founded by David Grainger with initial investment from Index Ventures and Novo A/S in 2006. Ventech led the Series B financing. Index Ventures' partner and Chairman of the board, Michele Ollier said: "This acquisition is further validation of Index's business model and we congratulate the team who have delivered first class science and developed a very exciting molecule. They have done an extraordinary job of building this company."

Notes for Editors

About Somatotaxins
The somatotaxins are a new class of anti-inflammatory small molecules that exploit a new pathway discovered by FXT. This novel pathway is acting through the type-2 somatostatin receptor involved in the resolution of inflammation, and disrupted in chronic inflammatory diseases including asthma, COPD and rheumatoid arthritis. FXT's portfolio of somatotaxins exploit this pathway to deliver broad and potent anti-inflammatory activity, with different compounds optimised for topical, parenteral and oral delivery.

About Funxional Therapeutics
Funxional Therapeutics Ltd (FXT) is a privately held, clinical stage pharmaceutical company based in Cambridge, UK.

FXT's focus is on novel anti-inflammatory therapies that exploit a new pathway discovered by FXT. The lead product (FX125L, an orally available, once-daily small molecule which belongs to the new class of somatotaxins) has completed several Phase I studies in the USA. Attractive efficacy compared to existing therapeutic options, together with an adequate safety profile and dosing convenience, all position FX125L for clinical and commercial differentiation, with the potential eventually to become the first line therapy in major inflammatory diseases. Funxional Therapeutics was founded in 2005 based on intellectual property developed by Dr David Grainger and his colleagues at Cambridge University, in collaboration with Ipsen, a global specialty-driven pharmaceutical company targeting debilitating diseases in neurology, endocrinology, uro-oncology and hemophilia. Index Ventures and Novo A/S provided first round funding to initiate research and development activities. Further funding was led by Ventech.

About Boehringer Ingelheim
The Boehringer Ingelheim group is one of the world's 20 leading pharmaceutical companies. Headquartered in Ingelheim, Germany, it operates globally with 145 affiliates and more than 44,000 employees. Since it was founded in 1885, the family-owned company has been committed to researching, developing, manufacturing and marketing novel medications of high therapeutic value for human and veterinary medicine.

As a central element of its culture, Boehringer Ingelheim pledges to act socially responsible. Involvement in social projects, caring for employees and their families, and providing equal opportunities for all employees form the foundation of the global operations. Mutual cooperation and respect, as well as environmental protection and sustainability are intrinsic factors in all of Boehringer Ingelheim's endeavors.

In 2011, Boehringer Ingelheim achieved net sales of about 13.2 billion euro. R&D expenditure in the business area Prescription Medicines corresponds to 23.5% of its net sales.

distributed by
React to this article
Latest news
Date Title
03:21p PERCEPTRON IN : MI : Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits (form 8-K)
03:21p Study Findings from AstraZeneca Provide New Insights into Solid Cancer (A phase I trial of vertical inhibition of IGF signalling using cixutumumab,...
03:21p POPULAR : Declares Dividends on Preferred Stock, Announces Distribution on Trust Preferred Securities
03:20p Studies from L.M. Strambini and Co-Researchers Yield New Data on Biosensing (Self-powered microneedle-based biosensors for pain-free high-accuracy...
03:20p RENEWABLE ENERGY : Study Data from Sharif University of Technology Provide New Insights into Renewable Energy (Development of a reduced order model for nonlinear...
03:19p CATERPILLAR : Researchers Submit Patent Application, "Hydraulic System for Machine", for Approval
03:19p Shiseido Teams with IBM to Empower Its Beauty Consultants with Mobile Apps That Change the Way They Work
03:19p DONGBU HITEK : Patent Issued for Image Sensor and Methods of Driving and Fabricating the Same
03:19p ASICS : Patent Issued for Shoe Having Lace Fitting Structure
03:19p IMATION : Patent Issued for Solid-State Mass Data Storage Device
Latest news
Advertisement
Hot News 
COALFIELD RESOURCES : Coalfields ready to rebrand as it buys Harworth
INFOSONICS : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
HAVELOCK EUROPA : Change of Adviser
Ahead of the Bell: Bob Evans Farms (Ahead of Bell)
CAPITAL & REGIONAL : Shares Up On Higher Profit, 46% Dividend Hike
Most Read News
06:33a LONDON STOCK EXCHANGE : Court upholds British challenge to ECB policy on clearing houses
03/03 VOLVO : Telematics world taking off for the trucking industry
03/03 ECOPETROL : Earnings Distribution Proposal for Fiscal Year 2014
03/03 TRACE ONE : and SGS launch SGS Supply Chain powered by T Transparency
02:46p Wall Street lower for second day; healthcare is sole gainer
Most recommended articles
03:19p Cypriot president bids to take part in ECB's QE programme
03:04pDJFed's George Wants Rate Increases by Middle of the Year -- Update
03:02pDJOverride of Obama's Keystone Veto Fails in Senate
03:01pDJU.S. Stocks Fall For Second Straight Session
02:57pDJCURRENCIES : U.S. Dollar Hits 11-year High Against Euro
Dynamic quotes  
ON
| OFF