Friday, May 9, 2008

ACT Biotech Gets $12M For Cancer Drugs

NGN Capital, a healthcare venture investor firm, said earlier this week that it has funded ACT Biotech, a new company focused on developing and commercializing targeted oral cancer drugs. San Francisco-based ACT Biotech is a spinout of Bayer Healthcare. According to NGN, it invested $12M in a first tranche of Series A financing, and is in the process of raising a total of $20M in syndication. ACT Biotech has acquired a license for an anti-angiogenic receptor tyrosine kinase inhibitor, focused on treatment of colorectal cancer. The new firm will be headed by Wolf-Dieter Busse, Ph.D. More information »