Telormedix raises 7.5 million CHF

Jan 10 2012

Telormedix, a clinical stage biopharmaceutical company focused on TLR7 agonists in the treatment of cancer and inflammatory diseases, today announced that it has raised 7.5 Million CHF from existing investors Aravis Venture (Basel, Switzerland) and Proquest Investments (Princeton-San Diego, USA).

The money raised in this financing round will be used to further advance Telormedix's promising product candidates through preclinical and clinical trials. TMX-101, the Company's lead product, is in a Phase I/II clinical trial for the treatment of Non-Muscle Invasive Bladder Cancer (NMIBC). In addition, the Company achieved significant preclinical results in October 2011 for TMX-202, a compound developed for the safe and effective topical treatment of skin cancer. Telormedix also plans to use the funds to support the development of additional promising molecules.

Johanna Holldack, CEO of Telormedix, commented:

"With our lead product TMX-101 in clinical development and other promising drug candidates in the pipeline, these funds allow us to reach the next important milestones. I am particularly happy to get this support from our existing investors Aravis Venture and Proquest Investments. They have been very supportive during this financing round and they give a solid commitment to our visions for the future of treating bladder cancer and autoimmune diseases."

Jean-Philippe Tripet, managing partner and founder of Aravis, and chairman of the company said:

"We see significant value potential in the drug candidates Telormedix is working on and I am looking forward to working with the management team in taking the company forward to its next stage of development."

Dr. Alain Schreiber, General Partner at ProQuest Investments, added:

"We have been impressed with the rapid progress Telormedix has made in the last two years. We look forward to continued successful progress in the coming months and years."