The Irish firm, which is based at Invent, the Innovation and Enterprise Centre at Dublin City University, has also entered into an exclusive license agreement with Pendopharm, a division of Pharmascience Inc, to commercialise its treatment for ulcerative colitis, or inflammation of the colon.
This brings the amount of finance Sigmoid Pharma has raised this year alone to €10m, and about €25m since it was established in 2003.
Dr Ivan S Coulter, Sigmoid founder and chief executive, said the global market for treating ulcerative colitis was $4 billion. He said he was excited about teaming up with Pendopharm as they had a very strong reach in Canada. He said the Irish company was also looking at expanding into the US.
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