Press Release: REGiMMUNE Announces Series B Financing
REGiMMUNE Announces Series B Financing MOUNTAIN VIEW, CA and TOKYO -- REGiMMUNE Corporation., a privately held biopharmaceutical company, announced today that it has raised $4.2 million U.S. in a Series B venture capital financing from new and existing investors. The original lead investor NIF SMBC Ventures Co., Ltd. led the round, with the participation of existing investor Japan Asia Investment Co., Ltd. and new investors JAFCO Co., Ltd.; Orix Capital Corporation; Yasuda Enterprise Development Co., Ltd.; New Business Investment Co., Ltd.; Mitsubishi UFJ Capital Co., Ltd. and Fund Creation Co., Ltd. REGiMMUNE plans to keep this round open for potential venture firms interested in becoming part of the syndicate. Proceeds from the financing will be used to further the preclinical development of REGiMMUNE's first two product candidates, RGI-2001 and RGI-1001, as well as expanding the R&D staff and setting up development operations at the company's U.S. subsidiary, established in late 2006. "We are very pleased to have the continuing support of our initial investors and to welcome our new investors," stated Haru Morita, President and Chief Executive Officer. "We are happy to receive this current commitment from investors, in spite of the poor market conditions in Japan. The endorsement of this top tier group of venture capital investors validates the commercial potential of our reVax technology and the new funds will help to accelerate our clinical programs." "REGiMMUNE represents a most impressive technology platform and capable management team for commercializing novel therapeutics targeted at immune regulation," commented Mr. Hiroki Narita, NIF SMBC Deputy General Manager, Investment Group. "The compounds being developed by REGiMMUNE are promising, and there are significant market opportunities being pursued." About REGiMMUNE REGiMMUNE is a biotechnology company focused on the discovery, development and commercialization of immune regulatory therapeutics to treat life-threatening and debilitating conditions, including allergies, autoimmune diseases and inflammatory disorders. The company's proprietary technology platform, reVax (reverse vaccination), works by modulating the immune system by enhancing antigen specific immune regulatory cells. This technique is expected to be useful in conditions such as Ragweed Allergy, Rheumatoid Arthritis (RA) and Multiple Sclerosis (MS), where control of an abnormal immune response is desirable. reVax is being utilized to advance several compounds through clinical development and eventual commercialization of a broad range of products for REGiMMUNE and its partners. The company is headquartered in Tokyo, Japan and has a U.S. subsidiary in Mountain View, California. For more information, please visit www.regimmune.com.