PTC Therapeutics Closes $60 Million Private Financing
-Funds to support Phase 3 confirmatory trials of ataluren-
SOUTH PLAINFIELD, N.J., March 7, 2013 /PRNewswire/ -- PTC Therapeutics, Inc. (PTC) today announced the successful completion of a $60 million financing led by Brookside Capital Partners Fund, L.P. Joining Brookside as new investors in this financing are Adage Capital Management, Jennison Associates L.L.C. (on behalf of fund clients), Longwood Fund and additional top-tier institutional investors. In conjunction with the investment, Adam Koppel , M.D., Ph.D., Managing Director of Brookside Capital Partners Fund, L.P., and Richard Aldrich , Co-founder and Partner of Longwood Fund, will join PTC's Board of Directors. Credit Suisse First Boston, HBM Healthcare Investments Ltd., Vulcan Capital, Celgene, Delphi Ventures, Novo A/S, The Column Group and other existing investors also participated in the transaction.
"This substantial financing enables PTC to continue to pursue the regulatory approval and delivery of ataluren to patients," stated Michael Schmertzler , Chairman of the Board. "PTC's Board of Directors welcomes the breadth of support and expertise of our new investors."
Proceeds from this financing will support continued clinical development of ataluren in Duchenne muscular dystrophy and cystic fibrosis. PTC is initiating a Phase 3 confirmatory trial of ataluren in patients with nonsense mutation Duchenne muscular dystrophy (nmDMD) with the goal of commencing enrollment in the first half of 2013. PTC also is developing ataluren for nonsense mutation cystic fibrosis (nmCF). The company has worldwide development and commercial rights to ataluren in all indications and territories.
"We are honored to have the support of our new and existing investors," said Stuart W. Peltz , Ph.D., Chief Executive Officer of PTC Therapeutics, Inc. "This financing is critical to expanding our efforts to develop and commercialize novel therapies that may benefit patients with nonsense mutation Duchenne muscular dystrophy and cystic fibrosis."
Credit Suisse acted as sole structuring advisor and lead placement agent to PTC Therapeutics for the transaction. Wedbush PacGrow Life Sciences acted as co-placement agent.
About PTC Therapeutics
PTC is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, proprietary small-molecule drugs that target post-transcriptional control processes. Post-transcriptional control processes regulate the rate and timing of protein production and are of central importance to proper cellular function. PTC's internally discovered pipeline addresses multiple therapeutic areas, including rare genetic disorders, oncology and infectious diseases. PTC has developed proprietary technologies that it applies in its drug discovery activities and that have served as the basis for collaborations with leading biopharmaceutical companies. For more information, visit the company's website at www.ptcbio.com.
SOURCE PTC Therapeutics, Inc.