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
1m agoDJTHOMAS KWOK : Thomas Kwok Sentenced to Five Years in Prison Following Corruption Conviction
1m ago Australian cinema chain Hoyts sold to Chinese investor Sun Xishuang
2m ago GEMFIELDS : Mozambican rubies fetch US$43m at Singapore auction
4m ago EMIRATES TELECOMMUNICATION : Etisalat introduces exclusive dual touch-screen YotaPhone 2
5m ago DEPARTMENT OF FINANCE AUSTRALIAN GOVERNMENT : Oversight of Information and Advertising Campaigns by Australian Government Departments and Agencies
5m ago ESCAP ECONOMIC AND SOCIAL COMMISSION FOR ASIA AN : Short Documentary: "Tsunami: Walking the last mile"
5m ago KAROON GAS AUSTRALIA : Kangaroo-2 Progress Report No 6
5m ago ANEKA TAMBANG TBK PERUSAHN PRSRN PRSR PT : ANTAM Awarded as the Most Trusted Company in Corporate Governance Perception Index (CGPI) Award 2014 for the Sixth Consecutive Year
5m ago DEUTSCHE TELEKOM : European shares halt sell-off
5m ago NATIONAL RESEARCH : Using soft power best way to fight against Iranophobia: Culture minister
Latest news
Advertisement
Hot News 
DIXONS CARPHONE : Wearable tech on 1 in 3 Christmas wish lists, experts predicting 17 million to own it within three years
PETARDS : Wins GBP1 Million Equipment Deal With Ministry Of Defence
SOITEC : updates its 2015 and 2016 financial guidance
ChinaNet Online Holdings Signs Strategic Partnership Agreement With MediaFun
OCWEN FINANCIAL : Agrees to Settlement With New York Dept. of Financial Services
Most Read News
3h ago APPLE : AAPL) Stock to Take-Off in 2015 With iPhone 6 Sales, Apple Watch Launch
5h ago SONY : Connecticut's U.S. senators want North Korea to face consequences in Sony hacking scandal
1h ago Argentina to cut crude oil, petrol pump prices - oil union head
3h ago SILLA : ENEC to host open public forums in Abu dhabi and Silla
5h ago BOULDER BRANDS : Reports Granting of Inducement Awards
Most recommended articles
1m agoDJTHOMAS KWOK : Thomas Kwok Sentenced to Five Years in Prison Following Corruption Conviction
1m ago Australian cinema chain Hoyts sold to Chinese investor Sun Xishuang
16m ago Oil prices rise on hopes for firm U.S. economic data
32m agoDJSony Asks Twitter to Suspend User Over Released Documents -- Update
51m agoDJChina November Services Trade Deficit Rises
Dynamic quotes  
ON
| OFF