Speedel raises CHF22.2 million

Investee Company – Speedel Group (Switzerland)

Investee Company Business Type- Cardiovascular and metabolic drug development company

Type of Financing – Expansion

Equity Providers – Novartis

Equity Leader (Individual) – Dr Jurg Meier/ Dr Rudolf Gygax

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – CHF22.2 million

Total Deal Value – CHF22.2 million

Other Advisors – N/K

Comments – Speedel Group has raised CHF22.2 million from excisting investor Novartis Venture Fund and private investors. This financing brings the total amount secured for development since inception to over CHF82 million, including a convertible loan and research and development contributions.

Speedel is a pharmaceutical company focusing on the development of innovative drugs for cardiovascular and metabolic diseases, which account for more than 25% of the global pharmaceuticals market. The company has previously successfully completed two rounds of private financing, raising CHF39 million and plans to seek public funding via an IPO towards end of 2002, depending on market conditions.

Alice Huxley, president and CEO of Speedel Group, commented: “This funding round was conducted in an extermely difficult general business environment that is characterised by economic slowdown, concerns about the financial markets and reduced confidence in the potential of innovative technologies. Nevertheless, Speedel was able to reach and even exceed its original funding target, while maintaining an attractive company valuation.”