FerroKin BioSciences Completes $12 Million Financing
SAN FRANCISCO, June 17, 2010 (GLOBE NEWSWIRE) -- FerroKin BioSciences, a biotechnology company developing a new therapy for the treatment of iron overload, today announced the closing of a $12 million financing. Participants in the financing include current investors Burrill & Company, Celgene Corporation (CELG), Clarus Ventures and MP Healthcare Venture Management, Inc., with Healthcap Ventures of Stockholm participating as a new investor.
"We are very gratified with the interest generated by this financing and the support from current and new investors as we address the need for new treatments for iron overload," said Hugh Young Rienhoff, Jr., MD, Founder and Chief Executive Officer of FerroKin BioSciences. "This additional financing allows FerroKin to both expand and accelerate our development program for FBS0701, and further characterize the benefits of this promising molecule."
FBS0701 is an orally available iron chelator currently in development for the treatment of transfusional iron overload. FBS0701 has received Orphan Drug Status from both the United States Food and Drug Administration (FDA) and the European Medicines Agency (EMEA).
FerroKin BioSciences has completed three clinical studies in both normal volunteers and iron overloaded patients evaluating the safety, pharmacokinetics, tolerability, and iron clearing activity of FBS0701. Transfusional iron overload occurs in people with either hereditary or acquired anemias such as sickle cell disease, thalassemia or myelodysplastic syndrome that require chronic transfusion therapy. These conditions affect an estimated 200 million persons worldwide. A fourth study will begin enrollment later this year.
About FerroKin BioSciences
FerroKin BioSciences is a clinical stage biotechnology company based in the San Francisco Bay Area and focused on developing chelation therapies for a broad range of clinical indications.