STOCKHOLM & NEW YORK– Intrance Medical Systems Inc., a subsidiary of Sweden-based Intrance Holdings AB, today announced that it has completed the final round of a Series A financing, totaling USD $17 million. Internationally well renowned Scandinavian investors, Erik Selin and Rutger Arnhult, participated in the financing as anchor investors. Proceeds from the financing will enable Intrance to initiate pivotal U.S. clinical trials for the company’s lead product, a fixed-dose combination treatment of carbidopa, entacapone and levodopa for enteral infusion in advanced Parkinson’s disease patients. The product is currently marketed as Lecigon® in the Nordic countries and certain European markets.
In conjunction with the financing, Intrance appointed pharmaceutical industry leader Ed Schutter to the company’s Board of Directors. Mr. Schutter, who most recently served as Chief Executive Officer of Arbor Pharmaceuticals, is also a shareholder in the company and becomes Intrance’s first U.S.-based board member.
“Completion of this funding round represents a significant accomplishment for Intrance and brings us one step closer to ensuring our innovative drug-device therapy reaches patients with advanced Parkinson’s disease in the U.S.,” said Ulf Rosén, Chairman of the Board and Co-founder of Intrance Medical Systems. “The addition of Ed to our board comes at a critical time in our company’s growth. His unparalleled expertise and strong corporate strategy, business development and executive management experience further strengthens our board and will prove to be extremely valuable as we execute upon several key clinical and regulatory milestones in the U.S.”
Prior to Arbor, Mr. Schutter served as President of Sciele (Shionogi) Pharmaceuticals. Previously, he served as Vice President of Global Business Development at Solvay Pharmaceuticals based in Basel, Switzerland. He also held several senior management roles at the U.S. subsidiary of Solvay during his twenty years with the organization. Mr. Schutter began his pharmaceutical career with Reid-Provident Labs, a small entrepreneurial pharmaceutical company based in Atlanta, GA.
“I am honored to join Intrance’s board and help shape the formation of the company’s U.S. corporate and commercial strategy,” said Mr. Schutter. “This is truly an exciting time for Intrance, which is well positioned to become a leading player in the space with an innovative solution that has the potential to significantly improve the quality of life and outcomes for patients with advanced Parkinson’s disease. I am extremely impressed with the team and commercial success of Intrance’s product in Europe.”
Mr. Schutter is a registered pharmacist with a B.S. in Pharmaceutical Sciences from Mercer University and an MBA from Kennesaw State University. In addition, he completed graduate studies in International Business at Njienrode University, Amsterdam, Netherlands. He currently serves on the boards of directors of several public and private companies and has been a previous board member for several non-profit organizations, including the American Diabetes Association and American Heart Association.
“I am delighted to welcome Ed to our board, and I look forward to working with him and benefiting from his wealth of industry experience,” said Patrick Shea, Chief Executive Officer of Intrance Medical Systems. “We also greatly appreciate the support by our investors who recognize the value we have created since our initial funding and the potential of our asset to improve the lives of patients with advanced Parkinson’s disease.”
