Thursday, August 7, 2008

Local investors add to $22M Series B for Swiss antibody developer

By Mass High Tech Staff

Clarus Ventures, of Cambridge, has contributed to an extended second round funding of $22 million to grow Swiss company EsbaTech AG’s antibody fragment therapeutics business. Clarus joins other return investors including SV Life Sciences and Novartis Bioventures, both with Boston offices, as well as HBM BioVentures, HBM BioCapital, BioMedinvest and VI Partners.

The investment follows an initial $49 million Series B round of financing that closed in August 2006.

With the financial backing, EsbaTech has pushed ESBA105, its single-chain antibody fragment used as an opthalmic anti-inflammatory delivered via eye drops, into clinical trials. The company has also conducted animal testing of the molecule as well.

A second antibody, ESBA903, is also under development as an eye drop formulation used as an alternative to intra-vitreal injections of anti-VEGF inhibitors.

EsbaTech is a privately held company based in Zurich, Switzerland.