SEED CAPITAL SÆLGER CONTERA PHARMA
Contera Pharma announces acquisition by Korean Bukwang Pharmaceutical – JM-010 to enter global development for L-DOPA induced dyskinesia
Contera Pharma (Copenhagen, Denmark) is pleased to announce that Bukwang Pharmaceutical (Seoul, Korea) has acquired 100% of Contera Pharma from its current shareholders. The shareholders received an undisclosed upfront payment and are entitled to future contingent and royalty payments.
Contera Pharma was founded by John Bondo Hansen and Mikael Thomsen to focus on the development of new innovative treatments of movement disorders. The lead program JM-010 is in development for treatment of L-DOPA induced dyskinesia (LID). LID is a debilitating condition that affects Parkinson’s disease patients with no approved treatments. JM-010 has shown very promising effects in pre-clinical models of LID. CEO John Bondo Hansen and CSO Mikael Thomsen will continue in their roles at Contera Pharma in Denmark. John Bondo Hansen states:‘Since Contera’s inception 4 years ago, we have worked with our investors, board, and collaborators to develop new treatments that can help patients suffering from movement disorders. The potential of our projects and the opportunity represented by JM-010 is now recognized by Bukwang Pharmaceutical, and we look forward to working with Bukwang Pharmaceutical to continue our effort in developing new treatments to patients in need’.
Hee-Won Yoo, Vice President of Bukwang Pharmaceutical stated “with this acquisition of Danish bio-venture Contera, Bukwang will strengthen its overseas research activities. Contera’s asset for LID treatment, JM-010, is planned to complete preclinical development in the first half of 2015, before entering phase I study for global development in the same year.”
Novo Seeds and Seed Capital are the largest investors in Contera Pharma. Bobby Soni, Investment Director at Novo Seeds, states on behalf of the investors: ‘it has been a pleasure to invest and work with Contera Pharma. We are excited that Bukwang Pharma will continue development of JM-010 to improve the lives of Parkinson’s disease patients. We believe the acquisition validates the potential of Contera Pharma’s products and their novel approach to CNS development’
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