Irish pharmaceuticals firm secures €5m investment
Irish-based pharmaceutical company Sigmoid Pharma has secured a €5m investment from Canadian company Pendopharm.
The deal will also see the Irish firm entering into a licence agreement to commercialise one of Sigmoid Pharma's treatments for ulcerative colitis in Canada.
This brings the amount of finance Sigmoid Pharma has raised this year alone to €10m, and about €25m since it was established in 2003.
The investment will support the advancement of Sigmoid's colitis-treatment CyCol into Phase 3 clinical trials.
Dr Ivan S Coulter, Sigmoid founder and chief executive, said the company was delighted to have entered into the collaboration.
"We believe CyCol has significant potential to treat unmet clinical needs in ulcerative colitis and that Pendopharm, through its existing and growing franchise in the GI therapeutic area, is strongly positioned to maximise the potential of our lead product in Canada," Dr Coulter said.
"We are confident that this licence agreement will be the first of a number of important strategic collaborations to be announced.
Sigmoid, which is based in the Invent Centre in DCU, is chaired by Thomas Lynch - former vice chairman and CFO of Elan Corporation.