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ACT Biotech Spins Out And Receives $12 Million

Monday, May 12, 2008 5:53:00 AM PDT | VentureDeal Staff

SAN FRANCISCO, CA -- Pharmaceutical company ACT Biotech, Inc. (no website) announced its successful spinout from Bayer and its funding of $12 million.

ACT has acquired under license an anti-angiogenic receptor tyrosine kinase inhibitor that is entering Phase II clinical studies for colorectal cancer and other indications.

NGN Capital made the investment, which will be used to continue the Phase II trial process for the company's lead drug candidate.

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