ProNoxis AB raises SEK 4 million in directed new share issue
June 17, 2011 with operations proceeding as planned, ProNoxis AB has secured SEK 4 million in a new round of financing. Signalling confidence in ProNoxis development to date, lead investor LU Bioscience invested SEK 2.5 million and Karolinska Development SEK 1.5 million. They now hold 29.7 and 17.6 percent of ProNoxis, respectively. Redoxis AB holds the remaining 52.7 percent. At the end of last year, ProNoxis strengthened the board of directors with the appointments of Tomas Leanderson and Ulf Björkman, who both have extensive industry experience.
For more information, please contact:
Karin Bryder, CEO ProNoxis AB
firstname.lastname@example.org, Phone: +46 70 755 69 00
Thomas Andersson, CEO LU Bioscience AB
email@example.com, Phone: +46 70 287 00 15
About LU Bioscience AB
Lund University Bioscience AB (LUBio) transforms high-end research results and innovations into attractive business propositions by integrated support for researchers. LU Bio is an early-stage investor providing both capital and industrial development expertise to enable rapid and efficient development of bioscience inventions. www.lubio.se
About ProNoxis AB
ProNoxis AB was founded in 2009 by LU Bioscience AB (LUBio), Karolinska Development AB, and Redoxis AB, as a Redoxis spin-off focusing on developing anti-inflammatory therapeutics targeting activation of the NADPH oxidase complex (NOX2). ProNoxis focuses on the development of small-molecule drugs to treat chronic inflammation. www.pronoxis.com
About Karolinska Development
Karolinska Development aims to create value for investors, patients, and researchers by developing and transforming world-class research innovations into high-return products. The business model is to SELECT the most commercially attractive medical innovations; DEVELOP these to the stage where the greatest return on investment can be achieved; and COMMERCIALIZE the innovations through the sale of companies or licensing of products. This results in upfront payments, milestone payments, and royalties. www.karolinskadevelopment.com
About Redoxis AB
Founded in Sweden in 2007, Redoxis provides contract research organization services in preclinical drug validation based on in vitro and in vivo autoimmune inflammation models. Redoxis focuses on preclinical development of small molecules that target molecular pathways in the immunological responses associated with autoimmune diseases such as Rheumatoid Arthritis (RA) and Multiple Sclerosis (MS).