series c

Kythera garners $40M in third venture round

Mon, 19 May 2008 06:59:56 -0400

LA-based Kythera Biopharmaceuticals is looking for a key assist in Japan from a new investor. JAFCO has led a $40 million Series C for the biotech developer of "aesthetic" therapies. BBT Capital Management/Apothecary Capital and PFM joined in the round with existing investors Versant Ventures, ARCH Venture Partners, Prospect Venture Partners, Altitude Life Science Ventures and Wilson Sonsini Goodrich and Rosati. Kythera can tap the first $30 million of that round immediately and look for the rest in the first half of next year.

"Not only does JAFCO have outstanding experience in the U.S. market, they are well-poised to assist us with strategic partnership options for our products in Japan and the broader, rapidly-growing Asia market," said Keith Leonard, Kythera's president and CEO. "This financing is a clear recognition of the progress made on and potential of our lead product candidate, ATX-101, which is currently being evaluated in Phase II clinical trials in Europe, Canada, Australia and the U.S. for minimally-invasive reduction of localized fat."

- check out Kythera's release

ALSO: The microRNA start-up Miragen Therapeutics in Boulder, CO wrapped an $8 million Series A led by Atlas Venture and Boulder Ventures with additional investments from private individuals. Release

ALSO NOTED: Lilly completes massive expansion project; Revance garners new venture funds; Gamers target protein chemistry; and

Tue, 13 May 2008 06:59:50 -0400

> After laboring for 10 long years, Eli Lilly says it's wrapped a massive, $1 billion expansion program for its new research hub. Release | Report

> Revance Therapeutics says it has rounded up $8 million in its Series C. Report

> In its quarterly report SGX Pharmaceuticals says that it discontinued an early-stage program for SGX523 after seeing unexpected toxicity in the data. Release

> Hopes that painkillers might help stave off Alzheimer's disease were dampened by a large new study. Report

> Sidney Wolfe, M.D., of the consumer group Public Citizen, will be "temporary voting member" of the FDA's advisory committee. Report

> That little legal argument known as preemption is back in the news. Report

> Vaptans are a new class of drug that target a wide variety of conditions by inhibiting vasopressin, which regulates the circulatory system. Report

> Stem cell researchers at Cornell have genetically engineered a human embryo, a pioneering development that was immediately condemned as a big step toward designing babies. Report

And Finally… Imagine employing a legion of gaming fanatics to channel their obsession into finding solutions to some of the thorniest problems in protein chemistry. That's what biochemist David Baker and a small group of colleagues did in creating Foldit, which challenges gamers to see if they can improve the 3-D structures of proteins. Report

BioVascular raises $10.87M

Fri, 08 Feb 2008 06:59:57 -0500

With the help of lead investor BB Biotech Ventures, BioVascular rounded up $10.87 million in series C financing. The San Diego, CA-based company plans on using the money to complete clinical trials of its two compounds, Saratin and BVI-007. Saratin--which is currently in Phase I/II--is being developed to reduce the failure of vascular grafts due to intimal hyperplasia. BVI-007 reduces platelet production without affecting platelet function, and is being studied in a Phase Ib dose selection clinical trial.

- see BioVascular's release for more

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Acceleron garners $31M Series C

Tue, 30 Oct 2007 07:59:55 -0400

Just months after raising its second venture round, Acceleron Pharma has announced a $31 million Series C. Much of that money will be used to advance its ACE-011 program for bone growth into a mid-stage trial. A Phase I study of ACE-031 is planned to gauge its effectiveness increasing muscle mass and strength. A third candidate--ACE-041--is scheduled for the clinic in the second half of next year. Acceleron has made headlines for its work with the Belgian blue, a bull with enormous muscles.

Bessemer Venture Partners led the round along with other new investors MPM BioEquities and QVT Financial. All existing institutional investors participated in the round including Advanced Technology Ventures, Flagship Ventures, OrbiMed Advisors, Polaris Ventures, Sutter Hill Ventures and Venrock.

- see Acceleron's release for more

ALSO: Relypsa, a spinout of Ilypsa, has raised $33 million in its first round of funding. Amgen acquired Ilypsa in June for $420 million. 5AM Ventures and New Leaf Venture Partners led the round for the company, which is being led by two former Ilypsa execs. Release

Related Articles:
The race is on for muscle-enhancing therapies. Report
Acceleron takes a lesson from the giant Belgian blue. Report
Acceleron garners $30M in venture capital. Report

ALSO NOTED: Genmab gets milestone payment from Roche; Mylan appoints CEO; and much more...

Wed, 03 Oct 2007 06:59:50 -0400

> Roche has filed a Clinical Trial Application for a Genmab antibody developed under the companies' collaboration. The CTA triggers a milestone payment for Genmab, the amount of which is undisclosed. Release

> Mylan has appointed Heather Bresch as CEO. Release

> San Diego-based medical device maker Vital Therapies has raised $28.1 million Series C financing. The new capital will support continued developed of ELAD, a human cell-based artificial liver. Release

> Here's a strategy for penetrating the market when state healthcare won't yet pay for your drug: Cut the price. Roche is doing just that with Tarceva, its lung cancer treatment. Report

> The FDA found "significant violations" of manufacturing rules at a French plant that produces Genzyme's Thymoglobulin drug for kidney transplants. Report

And Finally... Nigeria v. Pfizer in the matter of a meningitis vaccine trial went back to court today, with a judge allowing the authorities there to summon Pfizer and nine company officials to the country to defend themselves. Report

AdvanDX finds $15M in third VC round

Wed, 19 Sep 2007 06:59:54 -0400

France's BioMerieux has signed on as an investor for AdvanDX, a diagnostics company based in Woburn, MA, contributing to a $15 million Series C round for the company. The money is earmarked for R&D and marketing costs. AdvanDX is marketing its PNA FISH test, a rapid diagnostic for blood infections.

- here's the release on the round

Related Articles:
Venture capitalists bet big on nanotechnology. Report
The top five VC deals of 2007. Report

Aldagen adds $9M in new venture funds

Thu, 13 Sep 2007 06:59:55 -0400

Durham, NC-based Aldagen has added $9 million in new money for its third round, bringing total investment in the Series C to $23 million. That money will be put to use developing new stem cell therapies. Aldagen was founded in 2000 and is developing programs with technology initiated at Duke University. Researchers at the company have been developing adult stem cell therapies for leukemia, damaged heart muscles and more. Its third round is expected to be enough to fund the company until mid-2009. CNF Investments and Tullis-Dickerson are now betting on the company's success.

- see Aldagen's release
- read the report from the Triangle Business Journal

Related Article:
Aldagen gains $17.3M in financing. Report

Topigen adds $25M in new venture funds

Wed, 15 Aug 2007 06:59:57 -0400

Canada's Topigen Pharmaceuticals has gained $25 million in venture support for its clinical programs in respiratory disorders. The round brings the biotech's total financing to $71 million to date. The investment is earmarked for Phase II clinical programs relating to its lead products, TPI 1020, a small-molecule drug in development for Chronic Obstructive Pulmonary Disease and TPI ASM8, its RNA-inhibiting therapeutic for asthma.

In this round, new investors NovaQuest and MMV Financial join the existing venture investors: BDC Venture Capital, Desjardins Venture Capital, Caisse de Dépot et Placement du Québec, T2C2/BIO 2000 and Lothian Partners 27 SICAR. Additional funds and investors may be added to this financing.

- see the release for more information

ALSO: Quaker BioVentures has led a $13 million Series C round for EKR Therapeutics. Launched last summer, EKR markets a pain drug. Release

ALSO NOTED: BioProcessors gets $10M round; Regeneron therapy gains priority review status; FermaVir reveals positive preclinica

Wed, 08 Aug 2007 06:59:50 -0400

> LSP BioVentues has led a $10 million Series C equity investment round in Woburn, MA-based BioProcessors Corporation. The company provides micro-engineered solutions for biopharmaceutical process development applications for the biotechnology and pharmaceutical industries. Release

> The FDA has given priority review status to Regeneron's experimental therapy for a rare inflammatory disease called Cryopyrin-Associated Periodic Syndromes (or CAPS). According to Regeneron, the agency should make a decision on rilonacept by the end of November. There are no current therapies for CAPS, which is caused by a rare genetic mutation that afflicts 200 to 500 people in the U.S. Release

> FermaVir is touting positive data from preclinical studies of an experimental therapy for shingles. Release

> Galapagos says its service division, BioFocus DPI, has entered into a new drug discovery collaboration with AstraZeneca. This collaboration involves BioFocus DPI performing medicinal chemistry, computational chemistry and supporting biology and ADMET services for AstraZeneca's Infection discovery program based in Boston. Release

> Biomira and Merck KGaA have amended their deal on the cancer vaccine Stimuvax giving Merck global marketing rights and responsibility for further development. Release

> Bristol-Myers Squibb said that the FDA has accepted its supplemental biologics license application for Orencia for the treatment of pediatric patients with juvenile idiopathic arthritis who had an inadequate response to one or more disease-modifying anti- rheumatic drugs. Report

> According to The New York Times, the industry is on the leading edge of a "tidal wave of generic drugs," as a plethora of blockbuster meds begin to go off patent. FiercePharma

> The famed AIDS scientist Dr. Robert Gallo of the University of Maryland's Institute of Human Virology has won a $15 million grant from the Bill & Melinda Gates Foundation to pursue his work on an AIDS vaccine. FierceBioResearcher

And Finally... Is Pfizer's pipeline strong enough to help the company keep its edge in drug development? Poll

Press Release: Ception Therapeutics Raises $63M in Series C Financing

Maureen Martino — Tue, 30 Jan 2007 12:31:16 -0500

Ception Therapeutics Raises $63 Million in Series C Financing

MALVERN, Pa. -- Ception Therapeutics, Inc., an emerging biopharmaceutical company discovering and developing novel biologic and small-molecule agents to address unmet medical needs, today announced that it has raised $63 million through a Series C private placement of preferred stock. Essex Woodlands Health Ventures led the round and was joined by a consortium of both current and new investors including Investor Growth Capital, MDS Life Sciences Technology Fund II (managed by MDS Capital), New Science Ventures and Aperture Venture Partners.

Ception Therapeutics will use the proceeds from the transaction primarily to advance its late-stage biologic anti-inflammatory programs and to pursue further progression of a small molecule anti-TNF program and several other discovery programs.

“This financing provides Ception with the capital necessary to move our most advanced programs to the next stage of clinical development and further progress our preclinical programs,” said Steve Tullman, President and CEO of Ception Therapeutics. “The strong support of this group of high-quality investors highlights the value of these programs and the significance of the medical needs they are being developed to address.”

“We at Essex Woodlands very much look forward to working with the Ception management team and also our financial partners in completing the clinical development of Ception's lead product and further advancing other programs in Ception's pipeline,” said Jeff Himawan, PhD, Managing Director, Essex Woodlands Health Ventures.

About Ception Therapeutics, Inc.

Ception Therapeutics is an emerging biopharmaceutical company focused on the discovery and development of novel products to address areas of unmet medical need. The Company’s pipeline includes a late-stage biologic compound in clinical development for multiple inflammatory conditions, a small molecule anti-TNF program and other discovery programs. Ception Therapeutics pursues new drug targets in these and other disease areas through a proprietary thermodynamics-based rational drug design platform. For further information, visit www.ceptiontx.com.

About Essex Woodlands Health Ventures

Essex Woodlands Health Ventures (with roughly $1.6 billion under management) is one of the world's premier venture capital firms focused exclusively on the healthcare industry. Essex Woodlands recently raised their seventh fund of $600 million. The firm has offices in California, Texas, New York and London. The Essex Woodlands team has been involved in the founding, investing, and/or management of over 100 healthcare companies ranging across all sectors, stages and geography. For more information, visit www.ewhv.com.

Press Release: Ception Therapeutics Raises $63 Million In Series C Financing

Maureen Martino — Tue, 30 Jan 2007 11:26:36 -0500

Ception Therapeutics Raises $63 Million In Series C Financing

"This financing provides Ception with the capital necessary to move our most advanced programs to the next stage of clinical development and further progress our preclinical programs," said Steve Tullman, President and CEO of Ception Therapeutics. "The strong support of this group of high-quality investors highlights the value of these programs and the significance of the medical needs they are being developed to address."

"We at Essex Woodlands very much look forward to working with the Ception management team and also our financial partners in completing the clinical development of Ception's lead product and further advancing other programs in Ception's pipeline," said Jeff Himawan, PhD, Managing Director, Essex Woodlands Health Ventures.

About Ception Therapeutics, Inc.

Ception Therapeutics is an emerging biopharmaceutical company focused on the discovery and development of novel products to address areas of unmet medical need. The Company's pipeline includes a late-stage biologic compound in clinical development for multiple inflammatory conditions, a small molecule anti-TNF program and other discovery programs. Ception Therapeutics pursues new drug targets in these and other disease areas through a proprietary thermodynamics-based rational drug design platform. For further information, visit www.ceptiontx.com.

About Essex Woodlands Health Ventures

Contact: Ception Therapeutics, Inc. Media Contact: Sam Brown Inc. Mike Beyer, 773-463-4211 beyer@sambrown.com

Press Release: Avesthagen IP Model Achieves Global Benchmark Valuation of Euro 115M

Maureen Martino — Tue, 23 Jan 2007 13:19:27 -0500

Avesthagen IP Model Achieves Global Benchmark Valuation of Euro 115M

> First Indian blue-chip biotech company to achieve milestone in record time of 6 yrs
> Catapults Indian biotech sector to a global platform
> Announces closure of Euro 25mn fund-raising
> 4 strategic business units headed by industry veterans to drive accelerated growth
> Unveils new corporate identity and logo
> IPO in mid-2008

Avestha Gengraine Technologies Pvt. Ltd. (“Avesthagen”), India's leading fully integrated life-sciences company, announces the successful closure of its Series ‘C’ fundraise totaling Euro 25 mn in equity investments, valuing the company at Euro 115 mn (approx. Rs. 667 crores).

The funds will be used for Avesthagen’s infrastructure expansion plans, including setting up state-of-the-art manufacturing units, R&D laboratories, acquisition of technology companies in the domestic and overseas markets and furthering its international presence.

The investors in the series C round include Fidelity International, Limagrain group (France); Daninvest of Danone group (France) and Bennett Coleman (India). With this, total foreign investment in Avesthagen is now over 31%. The new investors further strengthen the already robust existing investor base that includes ICICI Venture, Cipla, Godrej Industries, Tata Industries and bioMérieux.

Ms. Renuka Ramnath, CEO & MD of ICICI Venture, commenting on the deal said: “ICICI Venture has always believed in the capability and potential of the Avesthagen business model. We have partnered the company from the inception till date and are happy to see that under Villoo’s leadership, it is all set to become a global player of repute.”

Avesthagen has in the past established a number of collaborations including joint ventures and equity-led deals with world leaders in their respective industries. These alliances will help the company access global markets. Existing partnerships are multiplying and enlarging the IP-led collaborations.

The year 2006 was of special significance to Avesthagen as two leading global companies made strategic investments in R&D collaborations with two business units of Avesthagen. These are Groupe Limagrain, a French global seed major, for R&D and product development in agri-biotechnology and the European food major Groupe Danone for R&D and product development in bio-nutritionals.

Revenues have increased by more than 60% in 2006 and all product pipelines are on target. The company expects to be profitable for the third consecutive year and is witnessing fast growth compared to the usual gestation period in the biotechnology industry.

According to Dr. Villoo Morawala Patell, Vice-Chairperson and Managing Director, Avestha Gengraine Technologies, Pvt. Ltd., “The markets addressed by Avesthagen are all global in their nature and alliances in R&D and marketing will continue to be an essential part of its strategy. With long-term commitment towards its clients and strategic investors combined with a unique business model, Avesthagen expects solid growth in the coming years. The years 2006-08 are poised for an accelerated growth with the launch of new solutions and products in all business units of Avesthagen.”

Going forward, Avesthagen’ activities are being re-organized into four strategic business units including bio-pharmaceuticals, bio-nutritionals agri-biotech, science & innovation. Each of these units will be run as independent profit centers with dedicated management teams. Avesthagen’s immediate focus will be intensifying its IP through product commercialisation.

Avesthagen has started preparations for its IPO which is scheduled to take place by mid 2008, around which time the commercial launch of the first products is expected for the bio-nutritional and bio-pharmaceutical product pipelines. The headcount of the Company is anticipated to increase to over 600 within the next 18 months.

Standing at the dawn of a new cycle of expansion and science & technology driven growth, Avesthagen is also pleased to present its new corporate identity and logo. The new identity for the Avesthagen group embodies the organization’s commitment to evolve new solutions and creative ideas.

About Avestha Gengraine Technologies Pvt. Ltd.

Avestha Gengraine Technologies Pvt. Ltd. (Avesthagen) was founded in 1998 by one of India’s pioneers and leading biotech entrepreneurs Dr. Villoo Morawala-Patell, who got her PhD from Louis Pasteur University in Strasbourg, France, in 1993. It began business operations officially in 2001.

Since its inception Avesthagen has grown into one of India's leading healthcare technology group in India, pursuing its vision of convergence of food, pharma and population genetics leading to preventive personalised medicine. Its activities include, in addition to its agri-biotechnologies product pipeline, development of scientifically validated bioactive nutraceuticals, derived from Indian medicinal plants, as well as the development of a pipeline of bio-similar drugs. Avesthagen has four strategic business units: Biopharmaceuticals, Food for Medicine (Bio-nutritionals), Seed for Food (agribiotech) and Science Innovation. Avesthagen's partners include multiple top 10 global companies in each of its fields of research.

For the bio-pharmaceuticals business unit, pilot scale manufacturing facilities are being constructed in joint venture format (“Avesta Biotherapeutics & Research Pvt. Ltd.) with its partner, Cipla. Pre-clinical trials for the first products will be initiated shortly. Commercialization of the products, once approved, will be done through Cipla’s extensive sales organization.

In the bio-nutritionals business unit, (pilot-scale) manufacturing facilities are being constructed. Expansion of manufacturing capacity is also anticipated to take place through acquisition of one or more extraction plants. The first series of pre-clinical trials for Avesthagen’s bio-nutritional products has been completed successfully. Commercialization of the products, once approved, will be done in close cooperation with Avesthagen’s partners. In addition, Avesthagen has developed its retail formula in the form of Avesta Good Earth Foods Pvt. Ltd., a wholly owned subsidiary, that will use the clinically validated botanical bio-actives, as developed by the business unit, as ingredients in its health and functional food product range.

As part of its agri-biotech business unit “Seed for Food”, Avesthagen, with its strategic partner Limagrain, is setting up a technology driven Indian seed business, through acquisition of Indian seed companies, following which technologies and germplasm from both parties will be used for new product development. Two joint venture companies have been registered between Avesthagen and Limagrain, Atash Seeds Pvt. Ltd. and Ava Seeds Pvt. Ltd. Atash Seeds will be the special purpose vehicle to jointly develop field crops seed activity, while Ava Seeds will be the SPV to jointly develop vegetable seed business.

Avesthagen collaborates at every stage in the value chain with appropriate partners, both public and private, for access to and exchange of technology and overall commercial expertise to leverage the ‘India advantage’. Avesthagen at present employs 250 people worldwide. For Avesthagen on the web: www.avesthagen.com

Press Release: Cylene Pharmaceuticals Closes $44 Million Series C Financing

Maureen Martino — Tue, 23 Jan 2007 12:03:31 -0500

Cylene Pharmaceuticals Closes $44 Million Series C Financing

Financing Co-Led by HBM BioVentures and Lilly Ventures

SAN DIEGO, Jan. 23 -- Cylene Pharmaceuticals, Inc., a small molecule oncology drug discovery and development company, today announced the closing of a $44 million Series C financing, co-led by HBM BioVentures (Cayman) Ltd. and Lilly Ventures. The Company elected to have the financing commitment paid in two separate tranches, representing approximately 60% and 40% of these fund commitments. Proceeds from the financing will be used to fund human clinical trials for Phase II studies of CX-3543 in several different cancer indications and to advance two more products into development. CX-3543, Cylene's most advanced product for the treatment of multiple cancers, acts as a Ribosomal RNA Biogenesis Inhibitor (RBI) by targeting a Protein:DNA interaction that is amplified in cancer cells during Pol I transcription of the rRNA genes.

In addition to HBM BioVentures (Cayman) Ltd. and Lilly Ventures, other new and returning investors include: Sanderling Ventures, Novartis BioVenture Fund, BioVentures Investors, Research Corporation Technologies, Mitsui & Co. Venture Partners, and Celgene Corporation. Dr. Erich Platzer of HBM Partners (investment advisor to HBM BioVentures), S. Edward Torres of Lilly Ventures, and Reinhard J. Ambros, Ph.D. of Novartis BioVenture Fund have been elected to the Cylene Board of Directors. In addition, Walter Gilbert, Ph.D. and Deborah Widener were previously appointed as Directors. Dr. Gilbert was awarded the 1980 Nobel Prize in Chemistry for his discovery of a method for rapid DNA sequencing, he led a distinguished forty year academic career at Harvard University, and he co-founded and served as the CEO of Biogen. Dr. Gilbert has also served as a Managing Director of BioVentures Investors since 2001. Ms Widener, who earned an M.B.A. from Harvard Business School, has twenty-five years of expertise in financing strategies in both private and public markets. Previously, Ms Widener managed billions of dollars in leveraged investments as President of General Electric Capital Corp.'s Financial Service Group, and she served as an investment banking Managing Director of Robertson, Stephens & Co. and a Managing Director at Adams, Harkness.

"We are very pleased with the level of enthusiasm surrounding our lead compound and our proprietary Ribosomal RNA Biosynthesis Inhibition Technology," said Dr. William G. Rice, President and CEO of Cylene Pharmaceuticals. "This funding should enable us to complete multiple Phase II studies of CX-3543 and to expand our product pipeline with internally- discovered product candidates. Moreover, the financing unified a talented and cohesive Board of Directors that can provide insightful governance and help keep us on the path of success."

"Our firm seeks investments in innovative, clinical-stage companies that offer strong partnership potential with big pharmaceutical companies," said Dr. Erich Platzer, an investment advisor at HBM Partners and formerly Head of Strategic Marketing Oncology at Roche. "Cylene Pharmaceuticals certainly fits these parameters. Cylene's clinical development efforts are led by Dr. Daniel Von Hoff, and Cylene Pharmaceuticals leads the industry in directly targeting the ribosomal RNA biogenesis apparatus."

"Lilly Ventures invests in companies with promising technologies that have the capability of generating multiple product candidates," said S. Edward Torres, Lilly Ventures. "Cylene's RBI technology enables the design of drugs with potential anticancer activity across a broad range of tumor types via novel targets within validated anticancer pathways. These drugs could provide new valuable tools to cancer patients and their doctors."

"As Chairman of the Cylene Board of Directors and as an early investor, I am delighted to have the support and commitment of other top-tier venture capital funds in building a leading oncology company," said Fred A. Middleton, General Partner of Sanderling Ventures.

About Cylene Pharmaceuticals, Inc.

Cylene Pharmaceuticals is a biotech pharmaceutical company dedicated to the discovery, development and commercialization of targeted small-molecule drugs to treat life-threatening cancers. Using its proprietary Ribosomal RNA Biosynthesis Inhibition Technology (RABIT(TM)) to design molecules that combat drug-resistant forms of cancer, Cylene has created multiple product candidates in different stages of development. Cylene's most advanced cancer agent, CX-3543, is a Ribosomal RNA Biogenesis Inhibitor (RBI) in late-stage Phase 1 clinical development. More information can be found at www.cylenepharma.com.

Press Release: Sequoia Pharmaceuticals Raises $35M In Series C Financing

Maureen Martino — Tue, 09 Jan 2007 11:11:42 -0500

Sequoia Pharmaceuticals Raises $35M In Series C Financing

GAITHERSBURG, Md., Jan. 8 -- Sequoia Pharmaceuticals, Inc. announced today that it has raised $35 million in a Series C financing that will be used to further develop its pipeline candidates for the treatment of drug-resistant HIV infections, including the company's two lead clinical candidates, an HIV protease inhibitor as well as a novel therapeutic agent: a Pharmacokinetic Enhancer. The Wellcome Trust led the round of financing and was joined by other existing investors including Healthcare Venture, Sofinnova Partners, and Aberdare Ventures as well as new investor, MedImmune Ventures, Inc. As a result, Julie Eskay-Eagle of Wellcome Trust and Wayne T. Hockmeyer, Ph.D., President of MedImmune Ventures and Chairman of the Board, former CEO and founder of MedImmune, Inc., join the Sequoia board.

"We are delighted to have the continued endorsement of our current investors, led by Wellcome Trust, as well as to have a new investor in MedImmune Ventures in this round of financing," said Cindy Collins, President & CEO, Sequoia Pharmaceuticals. "The proceeds from this Series C financing enable us to further advance the development of our drug candidates. Sequoia is anticipating sponsoring two clinical trials beginning in early 2007." Julie Eskay-Eagle, who represents The Wellcome Trust, says, "Wellcome is very pleased to continue supporting Sequoia's breakthrough discoveries in HIV therapy and other viral diseases as these are aligned with the Trust's mission to improve human health, as well as its commitment to fund outstanding health care investment opportunities."

About Sequoia:

Sequoia Pharmaceuticals discovers and develops revolutionary new treatments, primarily for viral diseases including HIV/AIDS and HCV-induced hepatitis with a focus on the growing global problem of drug-resistant infectious diseases. Although most drugs are likely to become less effective over time due to the emergence of drug-resistant mutations, Sequoia's drugs are expected to overcome that critical deficiency.

Sequoia Pharmaceuticals, Inc.
CONTACT: Gary Altman, PhD, of Sequoia Pharmaceuticals, Inc.,+1-301-514-5286 or gary@sequoiapharma.com

Press Release: Kalypsys Raises $100 Million in a Series C Financing

Maureen Martino — Tue, 28 Nov 2006 10:17:24 -0500

Kalypsys Raises $100 Million in a Series C Financing

SAN DIEGO -- Kalypsys Inc. announced today that it has raised $100 million in a Series C financing. The company will use the proceeds to fund its broad range of preclinical and clinical programs in the areas of cardiovascular/metabolic diseases, pain/inflammation and oncology.

Tavistock Life Sciences, one of Kalypsys’ previous investors, led the round with an $89 million contribution. Previous investors Sprout Group, CMEA Ventures and KT Venture Group participated in the round. The financing increases the total private equity that Kalypsys has raised to $172 million since February 2002.

“This is further validation of our early successes in changing the way drugs are discovered and developed,” said John McKearn, Ph.D., Kalypsys’ president and CEO. “With our expertise and technologies, we’re able to move rapidly from idea to IND with high quality molecules. The financing will support our further progression of multiple programs.”

Shehan Dissanayake, Ph.D., CEO of Tavistock Life Sciences, added, “The significant infusion of capital enables Kalypsys to advance its drug candidates through the development process without turning to the public markets at this time. Kalypsys’ elegant approach to drug discovery will continue to yield very promising compounds for a range of indications. We want to ensure that the company is well-positioned to maximize the value of these assets at later stages.”

Kalypsys’ pipeline includes KD3010, a small molecule Peroxisome Proliferator-Activator Receptor Delta (PPAR Delta) agonist for the treatment of metabolic disorders. The company recently completed a combined single and multiple dose-escalation study that evaluated the safety, tolerability and pharmacokinetics of KD3010 versus placebo in healthy volunteers. Kalypsys plans to follow this study with a 28-day safety trial of the drug in normal, healthy obese volunteers in early 2007.

“We combined two studies into one to establish a more complete safety profile of KD3010 that will guide our dose selection in the second trial,” said Paul Grint, M.D., Kalypsys’ chief medical officer. “The innovation in our trial design is another aspect of our approach to expediting the development of medicines. Our speed in the discovery stage carries over to the development stage, which can significantly reduce the costs associated with the traditional development of small molecule drugs.”

Other compounds in the pipeline nearing the clinical stage include KD7040, a potent, topically administered inhibitor of inducible nitric oxide synthase (iNOS) for the treatment of neuropathic pain; and KD5170, an orally administered, first-in-class non-hydroxamate inhibitor of histone deacetylase (HDAC), for the treatment of hematologic and solid tumors.

About Kalypsys

Kalypsys is a San Diego-based clinical-stage pharmaceutical company that is changing the way drugs are discovered and developed. Unmatched from idea to clinical proof, Kalypsys seamlessly integrates its scientific expertise and technologies to develop small molecule drugs in a fast, efficient and effective manner. The company’s discovery and clinical pipeline consists of drugs that target cardiovascular/metabolic diseases, pain/inflammation and oncology. In addition to focusing on its own products, Kalypsys partners with top-tier pharmaceutical companies to rapidly advance the identification, development and commercialization of new therapeutics. For more information, call 858.754.3300 or visit http://www.kalypsys.com/.

Press Release: Cara Therapeutics Secures $19 Million in Series C Financing

Maureen Martino — Mon, 27 Nov 2006 12:47:41 -0500

Cara Therapeutics Secures $19 Million in Series C Financing

TARRYTOWN, N.Y., Nov. 28 -- Cara Therapeutics, Inc.
announced today that it had closed on $19 million of its Series C financing. New investors participating in the round include MVM Life
Science Partners and Alta Biopharma Partners, as well as previous investors Ascent Biomedical Ventures. In conjunction with the financing, Dr. Stephen Reeders, Managing Partner of MVM Life Science Partners, and Ed Hurwitz, Director of Alta Partners, will join Cara's Board of Directors.

"I am very pleased with the outstanding group of international
investors we have attracted to participate in Cara's Series C financing and look forward to working with them to advance our internal drug development pipeline", said Dr. Derek Chalmers, President & CEO of Cara Therapeutics. "Combined with cash already on-hand, this financing provides Cara with operating capital through 2008 and provides the runway necessary to advance our next two drug candidates into the clinic," he added.

Dr. Stephen Reeders commented "Over the last twenty years there has
been little innovation in treating pain. There is a big gap in the choices available to clinicians between moderately efficacious OTC analgesics and centrally acting opiates with serious side effects. We believe that Cara Therapeutics is developing novel drugs to fill this gap."

"We are extremely excited about Cara's focus in pain and inflammation where major advances have been lacking for several decades," commented Ed Hurwitz of Alta Partners. "The company's truly differentiated kappa agonist, which is being tested in proof of concept studies, has the chance to substantially change the treatment options for acute and chronic pain sufferers. We found this opportunity along with the company's rapidly advancing programs on exciting novel pain and inflammation targets to be a compelling investment opportunity," added Hurwitz.

On January 5th of this year, Cara announced that it had entered into a worldwide licensing agreement with ALZA Corporation, a Johnson & Johnson company, for Cara's novel peripherally-acting pain drug candidate, CR665. Under the terms of that agreement, Cara received an upfront payment and is eligible to receive pre-determined clinical and regulatory milestone payments. Cara is also eligible to receive royalties on sales of all marketed products incorporating the compound, as well as an option to co-promote intravenous products in the U.S.

About CR665

CR665 is the lead clinical development candidate from a series of
highly selective peripheral kappa opioid receptor agonists. In preclinical studies, CR665 was highly selective for the peripheral kappa opioid receptor. Preclinical animal studies suggest that CR665 is a potent analgesic compound. In addition, unlike currently marketed opioids, CR665 does not produce inhibition of intestinal transit (ileus), induce respiratory depression, or elicit signs of euphoria or addiction in animal models. Preclinical studies also indicate that CR665 possesses anti-inflammatory activities.

A completed Phase 1a study of intravenous CR665 in healthy men and
women indicated that the drug candidate was safe, well tolerated, and exhibited predictable pharmacokinetic characteristics. In addition, this study demonstrated plasma levels of CR665 associated with analgesic effects in preclinical studies, as well as biomarker evidence of peripheral kappa opioid receptor activation in both men and women.

About Cara Therapeutics

Cara Therapeutics is a privately held biotechnology company, originally seeded by Esperante Ventures, focused on developing novel, superior therapeutics to treat pain and inflammation associated with diverse medical conditions. Cara's current pipeline includes near-term clinical drug candidates within multiple classes of peripherally-acting analgesics. Cara also plans to develop entirely novel classes of analgesics that emerge from its proprietary DimerScreen(TM) technology.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements relating to the therapeutic applications of CR665 and about Cara's strategy, technologies, pre-clinical and clinical programs, and ability to identify and develop drugs, as well as other statements that are not historical facts. Actual events or results may differ materially from Cara's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include,
but are not limited to, the timing, success and cost of Cara's research and clinical studies and Cara's ability to obtain additional financing. These forward-looking statements represent Cara's judgment as of the date of this release. Cara disclaims any intent or obligation to update these forward-looking statements.

Press Release: Elixir Pharmaceuticals Raises $46 Million

Maureen Martino — Mon, 27 Nov 2006 12:14:17 -0500

Elixir Pharmaceuticals Raises $46 Million

CAMBRIDGE, Mass. -- Nov 28, 2006 - Elixir Pharmaceuticals, Inc., announced today the Company has closed a Series C and venture debt financings, raising a total of $46 million. The financing included $31 million in equity funding and $15 million in venture debt placement.

William K. Heiden, Elixir's President and Chief Executive Officer, stated, "The Series C financing reflects the continued advancement of Elixir and its product portfolio. These funds provide us with the opportunity to advance our leadership position in the innovation and development of next-generation therapeutics for the treatment of major metabolic disorders, as well as to treat and prevent a broader range of age-related diseases."

The Series C funds will be used to support:

-- clinical and regulatory activities supporting a US registration for Glufast(R), a small molecule for the treatment of Type 2 diabetes

-- pre-clinical activities to support an IND filing for EX-1314, a small molecule ghrelin agonist for a variety of metabolic disorders

-- lead-optimization and IND-enabling pre-clinical studies for a small molecule ghrelin antagonist for the treatment of Type 2 diabetes and obesity

-- research and discovery efforts focused on a number of novel targets in aging and metabolism

Mr. Heiden continued, "We have several significant milestones that we expect to achieve over the coming months, each of which will add value for Elixir and its shareholders. I am particularly enthusiastic about the progress being made in our internally developed ghrelin antagonist program, one of the most exciting targets currently being studied for the treatment of metabolic disease."

The financing was led by MPM Capital with participation from current investors including ARCH Venture Partners, and Oxford BioScience Partners, as well as new investors CDIB, JAFCO, and YFY Bioscience. The venture debt was provided by Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC).

Ansbert Gadicke, M.D., Founding General Partner of MPM Capital, commented, "Elixir continues to be one of the most promising of the MPM portfolio companies, and we are pleased to be leading this round of financing. Under the leadership of Bill Heiden and his senior management team, Elixir has made tremendous progress, over the past two years. Bill and his team have expanded the product portfolio, continued advancing internal programs, and are making and publishing key insights regarding the links between aging and metabolic disease. The global wave of baby boomers will bring more and more attention to the enormous potential impact of Elixir's discoveries and therapeutics on our society and healthcare."

About Elixir Pharmaceuticals

Elixir is a Cambridge, MA-based biopharmaceutical company focused on developing and commercializing drugs to treat and prevent metabolic disease, prevent age-related diseases, extending the quality and length of human life. The Company is working across a number of targets implicated in the control of human lifespan and metabolism, such as SIR T1 where the Company has brought experience and IP.

Elixir is advancing a novel proprietary potent, orally available ghrelin antagonist through lead optimization and is preparing to nominate a clinical candidate. Compounds are currently being evaluated in in-vivo models of Type 2 diabetes and obesity, both of which represent exciting drug development targets in metabolic disease and multi-billion dollar product opportunities.

Leveraging its knowledge of ghrelin biology and pharmacology, Elixir licensed a small molecule ghrelin agonist (designated EX-1314) from Bristol-Myers Squibb Company in April 2005. This compound is a novel, orally available agent that stimulates the body's release of growth hormone, mimicking the body's naturally occurring ghrelin by binding to the growth hormone secretagogue (GHS) receptor. An orally acting GHS agonist has the potential to enhance the body's own growth hormone-releasing pattern, thus affording a wide range of potential therapeutic applications, including cancer cachexia (as an initial indication), other cachexias, and gastroparesis.

In March 2006, Elixir in-licensed North and South American rights to Glufast(R) (mitiglinide calcium hydrate), an insulin secretagogue, which lowers post-meal glucose levels by improving the body's own ability to produce insulin. Already marketed in Japan, Glufast has undergone extensive clinical development demonstrating the product's ability to safely and effectively treat Type 2 diabetes.

Orexigen garners $30M in financing

Tue, 21 Nov 2006 19:01:35 -0500

San Diego-based Orexigen Therapeutics has completed a $30 million Series C private equity financing. The deal was financed by new investors MPM BioEquities and Wasatch Advisors, along with existing investors. The money will be used to support the company's clinical programs for its two lead drug candidates: Contrave, currently in Phase II/III trials, and Excalia, which is in Phase IIb. Orexigen is involved in developing therapies for the treatment of obesity.

- check out Orexigen's press release for more on the financing

Related Article:
Orexigen gets positive Phase II results. Report

Press Release: Orexigen Therapeutics Completes $30 Million Series C Financing

Maureen Martino — Tue, 21 Nov 2006 11:52:46 -0500

OREXIGEN(TM) Therapeutics Completes $30 Million Series C Financing

SAN DIEGO, Nov. 22 /PRNewswire/ -- OREXIGEN(TM) Therapeutics, Inc., a privately held clinical-stage neuroscience company developing novel strategic approaches to the treatment of obesity, today announced the completion of a $30 million Series C private equity financing. Proceeds from the Series C financing will be used to advance OREXIGEN's clinical programs for its two lead drug candidates for the treatment of obesity and for general corporate purposes.

Existing investors participated in the financing, along with new investors MPM BioEquities and Wasatch Advisors.

About OREXIGEN Therapeutics

OREXIGEN(TM) Therapeutics, Inc. is a privately held clinical-stage neuroscience company in San Diego, California developing novel strategic approaches to the treatment of obesity. OREXIGEN leverages its proprietary science to design and screen drugs and drug combinations that work together in the central nervous system to enhance satiety, diminish appetite, improve energy expenditure and minimize the body's efforts to compensate for weight loss. OREXIGEN has two lead drug candidates in clinical trials, Contrave(TM) (phase II/III) and Excalia(TM) (phase IIb), along with a pipeline of earlier stage drug combinations now being tested. Each is designed to act on a specific group of neurons in the central nervous system with the goal of achieving appetite suppression and sustained weight loss. By targeting different groups of neurons OREXIGEN is working to develop compounds that each can achieve a different weight loss profile, providing rapid weight loss where required (Excalia) or emphasizing steady, sustainable weight loss where preferred (Contrave). Further information about the company can be found at www.orexigen.com.

OREXIGEN cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. These forward-looking statements include statements regarding the efficacy and safety of OREXIGEN's product candidates and the potential to obtain regulatory approval for, and effectively treat obesity with, any of these product candidates. The inclusion of forward-looking statements should not be regarded as a representation by OREXIGEN that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in OREXIGEN's business, including, without limitation: the scope and validity of patent protection for OREXIGEN's product candidates; the progress and timing of OREXIGEN's clinical trials, and the potential for OREXIGEN's product candidates to receive regulatory approval on a timely basis or at all; the market potential for obesity, and OREXIGEN's ability to compete in the obesity market. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and OREXIGEN undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.

Ablynx pockets $50M in third round

Tue, 22 Aug 2006 20:01:36 -0400

Belgium's Ablynx has raised $50 million in its third round of venture capital. The round was led by new investor KBC. SR One, the venture capital arm of GSK, was the second new investor. Combined with its existing cash, Ablynx says it will now be able to fund operations through to at least mid-2008, allowing the company to further develop its product pipeline based on its Nanobody technology and to rapidly increase its head count, which is currently just over seventy.

- here's the release on the latest round

ALSO: San Diego-based Kemia announced today that it has closed its Series C financing, raising $31 million from new and existing investors. The company plans to use the proceeds to advance its lead clinical compound, KC706, through initial Phase II clinical trials and to progress additional Kemia programs into the clinic. Release