Finox Biotech Shareholders Agree on 20MCHF Capital Raise

The capital was jointly raised through Finox AG majority shareholder, Willy Michel, with a contribution of approximately 17MCHF and through existing share-holders and employees. Gavin Jelic-Masterton, CEO of Finox Biotech, commented: “This shareholders agreement for the capital raise is an important milestone in the history of the company. It allows Finox Biotech to push ahead at full speed with the launch of BEMFOLA in Europe and to complete FIN3002, our pivotal Phase III study in the USA, which is the world’s biggest market for rFSH”.

FINOX Biotech received approval for their application for Marketing Authorisation Application (MAA) for its biosimilar recombinant Follicle Stimulating Hormone (r-FSH) BEMFOLA from the European Medicines Agency (EMA) on March 28th 2014 and is currently launching the product across the European Union countries.

Willy Michel, President of the Board of FINOX Biotech, commented; “Finox Biotech are now in a full commercial phase in Europe and are growing rapidly. We, the Board, are cognisant of the investment that this requires. This capital raise further proves our commitment to supporting BEMFOLA through its development and launch”.

About BEMFOLA
BEMFOLA (development code “AFOLIA”) is a new “biosimilar” medicine that was produced using recombinant DNA technology. Both BEMFOLA and the reference product Gonal-f are formulations of the naturally occurring hormone FSH, which plays a key role in human reproduction. BEMFOLA is the result of a targeted drug development process aimed to replicate as closely as possible the reference product. BEMFOLA has a number of key beneficial characteristics. i.e. equivalent clinical efficacy and safety vs. Gonal-f, but using an innovative and award winning injector device.