Arexis Announces Completion of 48 Million SEK Private Placement.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--May 30, 2001 Arexis AB today announces the completion of a 48 million SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. private placement. 3i Group plc and SEB Noun 1. SEB - a form of staphylococcal enterotoxin that has been used as an incapacitating agent in biological warfare staphylococcal enterotoxin B Foretagsinvest have each invested 20 million SEK while the existing shareholders InnovationsKapital and investors affiliated to the Beijer Group each have invested 4 million SEK. In addition, the Swedish Industrial Development Fund recently provided 5 million SEK as a convertible loan. The proceeds will be used to expand the organization and build an industrial platform for the company's research and development programme. Arexis is a drug discovery and development company with a primary focus on metabolic and inflammatory diseases Noun 1. inflammatory disease - a disease characterized by inflammation disease - an impairment of health or a condition of abnormal functioning NEC, necrotizing enterocolitis - an acute inflammatory disease occurring in the intestines of premature infants; . The company was founded in 1999 and utlilizes a number of proprietary technologies to discover genetic components of common diseases. The discoveries constitute important clues to understanding the underlying mechanisms of disease development. The information is exploited to develop more precise diagnostics and new drugs that are potentially more effective and selective and thereby cause less negative side effects Side effects Effects of a proposed project on other parts of the firm. . Through its strong collaborative network with leading academic partners, Arexis has an exciting research programme, where the company retains full rights to a pipeline of projects that will be developed internally or co-developed and co-financed in collaboration with industrial partners. In connection with the new investment, Arexis has engaged Dr. Lennart Hansson as Chief Executive Officer and Dr. Bjorn Lowenadler as Chief Scientific Officer, both formerly employed in AstraZeneca's Cardiovascular and Gastrointestinal Research, where they held positions as Head of Molecular Biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller and Head of Target Discovery. Dr. Vidar Wendel-Hansen, co-founder of Arexis, will act as Chief Business Officer. Arexis has been established in Gothenburg, with excellent opportunities to benefit by the available academic infrastructure, the proximity to leading industrial organizations in the biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. field, a good recruitment base and strong support from local authorities. The new Board of Directors consists of Professor Leif Andersson and Professor Rikard Holmdahl, representing the founders, Dr. Johan Christenson, Senior Venture Analyst, SEB Foretagsinvest, Mr. Laurie Rostron, Independent Director, 3i plc and Professor Anders Vedin, Chalmers University of Technology (body, education) Chalmers University of Technology - A Swedish university founded in 1829 offering master of science and doctoral degrees. Research is carried out in the main engineering sciences as well as in technology related mathematical and natural sciences. , Senior Advisor In some countries, a Senior Advisor is an appointed position by the Head of State to advise on the highest levels of national and government policy. Sometimes a junior position to this is called a National Policy Advisor. , InnovationsKapital and former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Astra Hassle. Mr. Christen chris·ten tr.v. chris·tened, chris·ten·ing, chris·tens 1. a. To baptize into a Christian church. b. To give a name to at baptism. 2. a. Testen, former Vice President, AstraZeneca, acts as Chairman. Daniel Morgan, Investment Director 3i Nordic, comments: "Arexis is based on years of the highest quality academic research and is focussed at finding the causes of disease in areas of high unmet medical need. The quality of the company's technology has enabled it to attract top class executives in Lennart Hansson and Bjorn Lowenadler." Johan Christenson, MD, PhD, adds: "Drug discovery is now quickly moving into the postgenomic era with focus on function and how diseases relate to the genome. Arexis is well suited to take on this challenge based on their unique technology, proven longterm experience in the field, brilliant science and competent management." Goran Johansson, Chairman of the Executive Board in Gothenburg, says: "I regard the establishment of Arexis in the Gothenburg region within biomedicine biomedicine /bio·med·i·cine/ (bi?o-med´i-sin) clinical medicine based on the principles of the natural sciences (biology, biochemistry, etc.).biomed´ical bi·o·med·i·cine n. 1. as very positive and strategically important. The establishment further strengthens the biomedical cluster in the region and gives us a competitive edge on both the national and international level." Lennart Hansson, CEO, concludes: "To me, Arexis represents the most inspiring combination of excellent scientific achievements and strong industrial ambitions to reveal fundamental biological processes underlying several major human diseases. This kind of novel information plays a key role for the development of new therapeutic approaches, with immense medical and commercial potential." ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/30/20010530BIT00380/bit0003.doc http://www.bit.se/bitonline/2001/05/30/20010530BIT00380/bit0003.pdf |
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