The developer of an original antisense drug system, ugichem GmbH, has announced that it has raised Eur2.25 million from investors in both the public and private sectors. The purpose of the the investments would be to advance Ugimer drug development for immune-mediated inflammatory diseases or IMID.
The first investment came through the grant of Eur850,000 from the Research Promotion Agency of Austria FFG. The company had also received Eur1.4 million in equity financing from existing investors.
According to its proprietay platform, ugichem is aiming to develop a number of antisense drugs that would address the current void in medical indications that involve inflammatory processes such as rheumatoid athritis.
The CEO of ugichem, Dr. Holger Bock said, "During the past two years we have generated significant evidence to support our unique antisense platform. Ugimers enable the utilization of the powerful antisense mechanism to modulate previously undruggable targets in inflammation. The additional funding will be used to further build on the therapeutic value of Ugimers and will allow us to identify lead candidates in acute and chronic inflammation."
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