US TransTech Pharma has completed two rounds of investments in the company, extending over the last nine months, totalling $24.5 million (€22.8m). The investments came from its largest shareholder, New York-based MacAndrews & Forbes Holdings, as well as its research partners Novo Nordisk and Cephalon Investors.
Adnan Mjalli, president and chief executive officer of TransTech, said: "We believe that these substantial equity investments in our company demonstrate confidence in our innovative technologies, our ability to accelerate the drug development process and our various drug discovery programs.
After just three years of operation, we are advancing two small- molecule programs towards clinical trials and three others into pre-clinical testing, and have helped our research partners achieve substantial progress against multiple therapeutic targets."
TransTech will use a portion of the proceeds to advance two internal programs into Phase I clinical trials during 2003. The two programs are focused on advancing novel, orally bio-available small-molecule antagonists that are directed at novel protein-protein interactions in several therapeutic areas.
In addition to carrying out its internal drug discovery programs, TransTech has also been active with three multi-year research collaborations - with Novo Nordisk, Cephalon and SIGA Technologies - each with focus directed at the discovery of small molecule drug candidates in various therapeutic areas.