Press Releases

PanGenetics BV Closes Series B Financing and Announces Board Appointments

Dr Kevin Johnson, former Cambridge Antibody Technology Executive, joins as CEO

Utrecht, The Netherlands and Cambridge, England - March 27, 2006: PanGenetics BV, a company devoted to the clinical development of therapeutic antibodies, today announced the closing of an oversubscribed €13 million series B round led by ABN AMRO Capital, with participation from Crédit Agricole Private Equity and Series A seed investor, Index Ventures. The company also announced the appointment of Dr Kevin Johnson, former board member and CTO at Cambridge Antibody Technology, as Chief Executive Officer.

The funds will enable PanGenetics to continue clinical development of its human CD40 antagonist, PG102, with a view to filing an IND Q1 2007. An earlier version of this antibody has already been in an open label clinical trial, where it showed safety and signs of efficacy. The company will conclude in-licensing of additional drug candidates, as well as hire additional senior management to complement the wealth of antibody development expertise already present in the company. Antibodies have an enviable track record in both safety and return on investment and many of the world's largest biotech companies are now dependent upon them.

The financing coincides with the appointment of Dr. Kevin Johnson as CEO. Geert-Jan Mulder MD of ABN AMRO Capital, and Philippe Guinot MD, PhD of Crédit Agricole Private Equity will join the Supervisory Board.

Dr Johnson, PanGenetics' CEO said "I am genuinely delighted to welcome our new investors into the company. Geert-Jan Mulder and Philippe Guinot are both clinicians, making the PanGenetics board unusually well configured for making its most important strategic decisions - those concerned with clinical development".

Geert-Jan Mulder MD said, "ABN AMRO Capital, Life Sciences is proud to lead this exciting investment opportunity and confident that the first-rate management team of PanGenetics will build an optimal NRDO (no research development only) strategy towards establishing a new and successful company in the field of antibodies. We aim to build a portfolio that provides future and exciting opportunities for clinicians to treat current unmet medical needs and are delighted to be joined in this investment by such prominent investors as Crédit Agricole Private Equity and Index Ventures."

About PanGenetics BV

PanGenetics is headquartered in Utrecht, The Netherlands with an office near Cambridge in the UK. The company specialises in taking antibodies at the late research stage through to clinical proof of concept. The company employs a lean business model with most development activities outsourced, due to the wealth of specialist providers in Europe. The most advanced candidate is a CD40 antagonist that has already shown promise in an open label phase Ib/IIa Crohns study. The company's Management, Board and Advisors comprise many of the worlds leading antibody developers. Dr. Kevin Johnson, CEO, was a member of the startup team at Cambridge Antibody Technology, where he directed research and new therapeutic product development, including Humira, the first fully human monoclonal antibody drug to reach the market. He was a member of the main Board and part of the management team that listed CAT on the LSE (main market) prior to joining Index Ventures as a Venture Partner. For further information, go to www.pangenetics.com.

About ABN AMRO Capital

ABN AMRO Capital/Life Sciences (AAC LS) is the venture arm of ABN AMRO Bank N.V. of the Netherlands. AAC LS builds and finances life sciences companies that develop world-class technology with a clear focus on products for major markets. Of particular interest are businesses capable of improving the diagnosis and treatment of disease, as well as companies with technologies that accelerate drug discovery and development. Over the past 7 years, through investments in more than 30 companies in both Europe and the US, the AAC LS team has achieved considerable success and above average returns. For further information, go to www.abnamrocapital.com.

About Crédit Agricole Private Equity

Crédit Agricole Private Equity is an asset management company belonging to Crédit Agricole S.A. Approved by the French securities regulator, the AMF, the company makes private equity investments in unlisted companies. A team of 30 experts in four business segments (Later-Stage Financing & LBO, Venture Capital, Secondary Market, Mezzanine) manages €1.4 billion through private equity funds (FCPRs and FCPIs) and private equity companies (SCRs). Crédit Agricole Private Equity enables company managers to implement their growth plans. For further information, go to www.ca-privateequity.com.

About Index Ventures:

Index Ventures is a leading pan-European venture capital firm active in investing since 1996. The firm is dedicated to helping top entrepreneurial teams both in the Life Sciences and Information Technology sectors build their companies into market defining global leaders. The firm has offices in Geneva, London and Jersey and focuses its investment activity primarily on Europe and Israel. Life science investments include Genmab, Addex Pharmaceuticals, BioXell, Parallele Biosciences, and 7TM. Further information can be found at www.indexventures.com.

For more information, please contact:

Index Ventures:
Sayula Kirby
sayula@indexventures.com
+44 207 154 2009

Sparkpr (US) :
Julie Lydon
jlydon@sparkpr.com
+1 603 433 0086