Ferrer purchases minority share in Genmedica Therapeutics
This purchase coincides with the successful completion of phase I clinical trials on Genmedica’s GMC-253 compound
Genmedica Therapeutics, a Barcelona-based biopharmaceutical company specializing in the development of new products to treat type-2 diabetes, has announced that pharmaceutical company Ferrer Internacional has purchased an 8% share of its capital.
Both Genmedica and Ferrer will benefit from this operation. On one hand, Genmedica CEO Ignacio Faus says, “Ferrer will bring invaluable experience in developing and marketing new drugs to benefit diabetics.” On the other, Ferrer Director of Operations Antoni Villaró recognizes that “the biotechnology sector is one of the main suppliers of innovative, cutting-edge drugs.”
Ferrer’s purchase of shares coincides with the completion of phase I clinical trials on GMC-252, in which the compound has demonstrated an excellent safety profile. This compound is an oral therapy to treat type-2 diabetes that works on both inflammation and oxidative stress.
Genmedica is already preparing the next study, which will be a phase II clinical trial with diabetic patients. At the same time, Genmedica has opened up a new round of funding with the goal of obtaining €4 millions to advance GMC-252 phase II clinical trials. The funds will also be used for preclinical development of additional compounds derived from the company’s technology platform.