Santhera raises CHF 27.7 million in new capital

Swiss biotech company Santhera has had a turbulent history, but over the last two years its success has grown and in 2014 it reported significant progress in all programmes. The company increased its income from sales of Raxone, submitted an application for marketing authorisation (MAA) in Leber’s Hereditary Optic Neuropathy (LHON) and reported the successful outcome of its Phase III trial in Duchenne Muscular Dystrophy (DMD).

Two months ago Santhera announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) had recommended approval for Raxone (idebenone), which is used in the treatment of visual impairment in adolescent and adult patients with LHON. CHMP’s positive opinion has been forwarded to the European Commission (EC) for the adoption of a decision on EU-wide marketing authorisation, applicable to all 28 member states of the European Union and Iceland, Liechtenstein and Norway. Raxone has orphan designation, which provides 10 years of market exclusivity from the date of EC approval.

Today Santhera announced that it has raised CHF27.7 million for the commercial launch. The newly created shares with a par value of CHF1.00 were issued from the company’s conditional capital and were sold by the independent broker Kepler Chevreux within four days (3-6 August) at an average price of CHF92.38 per share. As of today, Santhera has 5.51 million shares outstanding.

Christoph Rentsch, Chief Financial Officer of Santhera, says: “This financing demonstrates the excitement of shareholders and investors about the progress and prospects of Santhera. We now have the financial resources to expedite the launch of Raxone for the treatment of LHON as soon as the marketing authorisation has been issued by the European Commission.”