Irish pharmaceuticals firm secures €5m investment

Posted by | September 30, 2014 | Company News | No Comments

Irish-based pharmaceutical company Sigmoid Pharma has secured a €5m investment from Canadian company Pendopharm.

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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