Advanced Accelerator Applications Completes €41 Million Fundraising
SAINT-GENIS-POUILLY, France, February 17, 2014 /PRNewswire/ --
- HBM Healthcare Investments Ltd invests €20 million
- The funds will be used to:
- Accelerate the Company's international expansion, including an increased presence in the US
- Finance the clinical development of its promising portfolio of innovative Molecular Nuclear Medicine diagnostic and therapeutic products
Advanced Accelerator Applications ("AAA" or "the Company"), a fast growing international specialist in Molecular Nuclear Medicine (MNM), announced today that it had successfully completed a capital increase of €41 million.
This capital increase will help fund expansion plans and finance clinical trials of its promising portfolio of MNM diagnostic and therapeutic products.
The fundraising came from existing and new shareholders, including private investors and funds such as a company of the Tamburi Investment Partners Group and the specialist biotech and pharma investment company HBM Healthcare Investments Ltd who led the investment with €20 million.
Stefano Buono, Chief Executive Officer of AAA, commented: "We are very pleased to have completed this €41 million capital increase which shows strong support from current and new shareholders. The support we continue to receive is testament to the confidence of our shareholders in the continued growth and positive achievements of the Company and its solid business model. The money raised will help us accelerate our international growth, which includes the expansion of our activities in the US, and finance the development of our promising product pipeline. We welcome HBM Healthcare Investments Ltd as a shareholder and believe their experience in backing biotech and pharma will be of great use to guide our strategic directions."
Andreas Wicki, Chief Executive Officer of HBM Healthcare Investments, added: "We are delighted to add AAA to our portfolio of promising healthcare companies.We believe that AAA's approach to targeted therapy is very promising and will further advance innovation and product development in Molecular Nuclear Medicine, a niche which has been poorly exploited until now. AAA is a fast growing company that we are excited to support and to accompany on the way to further success."
AAA develops and commercializes innovative diagnostic and therapeutic products. Its main focus is on molecular imaging and personalized medicines for the treatment of diseases such as cancer. AAA is a European leader in the production and commercialization of PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) products, with 17 production and R&D facilities in Europe, Israel and North America.
The Company has been profitable since 2006 with the sales of its diagnostic products and has used this positive cash flow to finance its growing portfolio of MNM products, including Lu-DOTATATE (Lutathera®), which is currently in phase III clinical trials for the treatment of Gastro-Entero-Pancreatic Neuro Endocrine Tumors (an Orphan disease) in 51 clinical centers in the US and EU. Lutathera® is a true example of a Theragnostic drug, because it integrates diagnostic and therapeutic properties into the same compound, allowing physicians to evaluate and monitor its efficacy using imaging at every therapeutic injection, without any additional costs.
About Advanced Accelerator Applications
Advanced Accelerator Applications (AAA) is a European pharmaceutical company founded in 2002 to develop innovative diagnostic and therapeutic products. AAA's main focus is in the field of Molecular Imaging and targeted, individualized therapy for the management of patients with serious conditions (Personalized Medicine). AAA currently has 17 production and R&D facilities able to manufacture both diagnostics and therapeutic MNM products, and has over 270 employees in 10 countries (France, Italy, Germany, Switzerland, Spain, Poland, Portugal, Israel, U.S., Canada). In 2013 AAA is expecting to reach revenues of €56.6 million (+27% vs. 2012) and EBITDA of €14 million (+49% vs. 2012). For more information please visit: http://www.adacap.com
SOURCE Advanced Accelerator Applications