Arexis announces completion of 48 million SEK private placement.
5/30/2001 7:06 AM EST
Arexis AB today announces the completion of a 48 million SEK private
placement. 3i Group plc and SEB Företagsinvest have each invested 20
million SEK while the existing shareholders InnovationsKapital and
investors affiliated to the Beijer Group each have invested 4 million
SEK. In addition, the Swedish Industrial Development Fund recently
provided 5 million SEK as a convertible loan. The proceeds will be used
to expand the organization and build an industrial platform for the
company's research and development programme.
Arexis is a drug discovery and development company with a primary focus
on metabolic and inflammatory diseases. The company was founded in 1999
and utlilizes a number of proprietary technologies to discover genetic
components of common diseases. The discoveries constitute important
clues to understanding the underlying mechanisms of disease development.
The information is exploited to develop more precise diagnostics and new
drugs that are potentially more effective and selective and thereby
cause less negative side effects.
Through its strong collaborative network with leading academic partners,
Arexis has an exciting research programme, where the company retains
full rights to a pipeline of projects that will be developed internally
or co-developed and co-financed in collaboration with industrial
partners.
In connection with the new investment, Arexis has engaged Dr. Lennart
Hansson as Chief Executive Officer and Dr. Björn Löwenadler as Chief
Scientific Officer, both formerly employed in AstraZeneca's
Cardiovascular and Gastrointestinal Research, where they held positions
as Head of Molecular Biology and Head of Target Discovery. Dr. Vidar
Wendel-Hansen, co-founder of Arexis, will act as Chief Business Officer.
Arexis has been established in Gothenburg, with excellent opportunities
to benefit by the available academic infrastructure, the proximity to
leading industrial organizations in the biomedical field, a good
recruitment base and strong support from local authorities.
The new Board of Directors consists of Professor Leif Andersson and
Professor Rikard Holmdahl, representing the founders, Dr. Johan
Christenson, Senior Venture Analyst, SEB Företagsinvest, Mr. Laurie
Rostron, Independent Director, 3i plc and Professor Anders Vedin,
Chalmers University of Technology, Senior Advisor, InnovationsKapital
and former CEO of Astra Hässle. Mr. Christen Testén, former Vice
President, AstraZeneca, acts as Chairman.
Daniel Morgan, Investment Director 3i Nordic, comments:
"Arexis is based on years of the highest quality academic research and
is focussed at finding the causes of disease in areas of high unmet
medical need. The quality of the company's technology has enabled it to
attract top class executives in Lennart Hansson and Björn Löwenadler."
Johan Christenson, MD, PhD, adds:
"Drug discovery is now quickly moving into the postgenomic era with
focus on function and how diseases relate to the genome. Arexis is well
suited to take on this challenge based on their unique technology,
proven longterm experience in the field, brilliant science and competent
management".
Göran Johansson, Chairman of the Executive Board in Gothenburg, says:
"I regard the establishment of Arexis in the Gothenburg region within
biomedicine as very positive and strategically important. The
establishment further strengthens the biomedical cluster in the region
and gives us a competitive edge on both the national and international
level."
Lennart Hansson, CEO, concludes:
"To me, Arexis represents the most inspiring combination of excellent
scientific achievements and strong industrial ambitions to reveal
fundamental biological processes underlying several major human
diseases. This kind of novel information plays a key role for the
development of new therapeutic approaches, with immense medical and
commercial potential."
For more information please contact:
Lennart Hansson, CEO Arexis AB +46-706310031
Vidar Wendel-Hansen, CBO Arexis AB +46-703261032
www.arexis.com