The funding deal comes in conjunction with two acquisitions made by SEP; Switzerland-based Proreo Pharma International and Plenaxis, a US firm.
SEP was set up in April last year in order to make acquisitions in the pharmaceutical sector which have broad European appeal.
This appears to be the case as Plenaxis has already obtained marketing approval for one of its products in Germany as a treatment for prostate cancer.
Meanwhile, Prorea Pharman already has some of its Haemopressin drug approved in a number of countries in Europe and beyond.
Geoff McMillan, chief executive of SEP, said: “The acquisition of Proreo Pharma International provides us with access to Haemopressin, a product already approved and marketed in Austria, Germany, Hungary, Korea, Pakistan, Switzerland and Taiwan with further significant potential for pan-European and international sales.
“We aim to launch Plenaxis in Germany and accelerate its approval in the major European territories.”
“We are delighted to have had, from the outset, the support and financial backing of an investor like Advent Ventures.
“The rationale for founding SEP was to acquire products with potential for a broader pan-European appeal and these two acquisitions very much fall into that sweet-spot.”
© Crimson Business Ltd. 2007
