Texas' German subsidiary looking to get funding of 30 million DM

Texas Biotechnology Corp of the USA has announced initial financing forits majority-owned German subsidiary, Revotar Biopharmaceuticals AG, thanks to equity investments by the German venture capital firms bmp AG and Mediport AG.

Revotar has raised 10 million Deutschemarks ($4.7 million) in equity thus far and has in place additional sources of non-dilutive funding through German government grants and loans, which are expected to increase total start-up funding up to 30 million marks. Texas, which owns 55.2% of Revotar, has retained North American territorial rights to TBC1269, a novel selectin antagonist in Phase II trials for the treatment of asthma, but notes that all costs to develop the product for asthma (and psoriasis) will be borne by Revotar, which will have European rights.