Vasopharm raises £15.3m to fund clinical trials

Vasopharm has raised £15.3m (€20m) of new capital for Traumatic Brain Injury (TBI) clinical trials

The financing was co-led by existing investors Entrepreneurs Fund, Heidelberg Capital Private Equity and new investor, UK based Fort Rock Capital.

Existing investors Bayern Kapital and funds advised by Hanseatic Asset Management LBG also participated in the round.

Vasopharm has said that the £15.3m will fully fund a European phase three study with Vasopharm’s VAS 203 in moderate to severe TBI.

All preparatory groundwork for the clinical trial has been finalised over the last 12 months and “First patient in” is expected in H1 2016.

Christian Wandersee, chief executive officer of Vasopharm, said: “We are delighted to have successfully raised EUR 20 million to conduct a phase three study of VAS203, bringing a drug for a highly unmet need closer to market.

“TBI is a very challenging indication which has proven intractable to all previous pharmacological intervention.

“We have been extremely rigorous in analysis of our exceptional phase two data and believe that, in VAS203, we have a drug which will provide physicians with a real opportunity to improve long-term outcomes in this devastating condition.”

Andrew Clark, chairman of the board of Vasopharm, said: “This fundraising is a strong financial and scientific endorsement of the pipeline and management team. 

“We appreciate the commitment of our existing investors and the continued confidence they have shown in vasopharm.”