NEW YORK (GenomeWeb) – Lophius Biosciences today announced it received a €2.0 million ($2.8 million) investment to fund clinical studies of its flagship product and to develop new products.
The firm also announced a new CEO and changes to its board.
The financing was led by current investor VRD with participation from existing investor S-Refit and one other unnamed existing investor. The funding will go toward clinical studies of T-Track CMV, a diagnostic test for cytomegalovirus, as well as for the development of other tests in the company's pipeline, including T-Track TB and T-Track MS.
The Regensburg, Germany-based developer of cell-based assays also announced that Robert Phelps has replaced Ralf Wagner as CEO. Phelps was the firm's director of business operations.
Wagner, who had been Lophius' CEO since January 2013, was elected the company's chairman, replacing Bertram Gilka-Bötzow, who now becomes a board vice president. The changes, Lophius said, will help transform the company from an R&D shop.
"The current round of financing and management change are supporting a long-term strategy to capitalize on the company's future growth opportunities and goals and its transition into a commercial operation," Wagner said in a statement.
Lophius develops T-cell based tests for diagnostic purposes and as possible therapy controls in transplantation, infection, and autoimmune diseases. It said in early 2013 that it raised $5.3 million.