Archimedes Pharma, a U.K.-based specialty pharma raised about $98 million and appointed a new CEO ahead of establishing U.S. commercial operations. Novo Growth Equity, funded by Novo A/S, debuted on the venture scene by leading the round, which was announced March 2. Warburg Pincus, a global private equity firm also participated. Archimedes says the funding is the largest raised by a private European biopharma company in the last 15 years.

 

Besides jumpstarting the establishment of its presence in the United States, the funds will support its growth in Europe and the global launch of PecFent, Archimedes' fentanyl nasal spray for the treatment of breakthrough cancer pain. The company expects the spray, previously known as NasalFent, to win approval from both U.S. and European regulators in 2010. A late stage trial of the drug in the United States is due for completion in July.

 

Archimedes says that its PecSys drug delivery technology, on which PecFent is based, helps support rapid but controlled absorption of drugs into systemic circulation. Its technologies also have application in nasally administered vaccines where the company says it has demonstrated enhanced immune response.

 

The company named Jeffery Buchalter as its new CEO and president. Before joining Archimedes, he served in parallel roles at Enzon Pharmaceuticals and as CEO of ILEX Oncology.

 

For Novo, the investment represents an ideal match with its strategy of “taking major stakes in promising late-stage life sciences companies with near-term commercial potential,” says Ulrik Spork, Novo Growth Equity's managing partner.

 

Archimedes has yet to announce where it will establish its U.S. office.