Archimedes funding to support US and European growth
Archimedes Pharma has raised
Archimedes Pharma has raised £65m (US$100m) in funding and has appointed a new chief executive to accelerate growth in the US and Europe.
As well as this growth, the investment will support the global commercial launch of PecFent (formerly known as NasalFent), Archimedes' fentanyl nasal spray for the treatment of breakthrough cancer pain. PecFent has been filed for approval with the regulatory authorities in Europe and the US and should be approved in both regions during 2010.
Newly appointed chief executive Jeffrey Buchalter has more than 20 years" experience in the pharmaceutical industry. He was most recently ceo of Enzon Pharmaceuticals, the US biopharmaceutical company focused on the development of drugs for patients with cancer and other life-threatening conditions. Prior to this, he was ceo of ILEX Oncology. He has also held key positions at Pharmacia, Wyeth and Schering Plough.
"The injection of funding and the appointment of Buchalter mark the beginning of a new phase in Archimedes ' growth plans ' said Simon Turton of major current investor, Warburg Pincus.
The board of Archimedes will now include Turton and Piyush Shukla of Warburg Pincus; Ulrik Spork and Goran Ando of Novo A/S, Denmark; and Buchalter.
Focused on the oncology, pain, neurology and critical care sectors, Archimedes, based in Reading, UK, currently markets products in the UK, France, Germany and Ireland, and will continue to expand its commercial presence in Spain and the US during 2010.
