Cerenis Therapeutics Raises EUR40 Mln; Former GlaxoSmithKline CEO Garnier Joins Board

26th Jul 2010 07:02

LONDON (Dow Jones)--Privately-held biotechnology company Cerenis Therapeutics SA said Monday that former GlaxoSmithKline PLC (GSK.LN) chief executive Jean-Pierre Garnier has joined its board, as it announced a EUR40 million fundraising to finance a mid-stage trial of an experimental heart drug. Cerenis, based in Toulouse, France, said it raised EUR20 million from France's Fund for Strategic Investment, or FSI, and EUR20 million from existing investors, including Sofinnova Partners and HealthCap. FSI is 49%-owned by the French state. The money will be used to fund a Phase II clinical trial of CER-001, an experimental treatment for cardiovascular disease that mimics aspects of high-density lipoprotein, also known as HDL or "good" cholesterol. Garnier, who headed U.K.-based GlaxoSmithKline before chief executive CEO Andrew Witty took over in May 2008, has joined the board of Cerenis as a non-executive director, the company said. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires July 26, 2010 02:02 ET (06:02 GMT)