PRESS RELEASE: Sequel Pharmaceuticals Raises $20 Million in Series A Financing

Sequel Pharmaceuticals Raises $20 Million in Series A Financing

SAN DIEGO, Sept. 27 -- Sequel Pharmaceuticals today announced that it secured $20 million from the private placement of Series A preferred stock to develop its drug candidate K201 (JTV-519) for the treatment of atrial fibrillation (A-Fib). K201, which has a unique, multi-ion channel profile, was spun-out from NovaCardia, Inc. following the acquisition of NovaCardia by Merck & Co.

Previous NovaCardia investors Domain Associates, Forward Ventures, InterWest Partners, Montreux Equity Partners, and Skyline Ventures participated in the Series A.

"With a proven track record of licensing and developing drug candidates for the treatment of cardiovascular disease, we are pleased to support the Sequel management team as it ushers K201 through clinical trials and aims to fill the void of treatment options for patients with atrial fibrillation," said Eckard Weber, partner at Domain Associates.

"The management team is enthusiastic about the launch of Sequel Pharmaceuticals and the ongoing support by blue-chip investors," said Randall E. Woods, president and chief executive officer at Sequel Pharmaceuticals. "The funding we have received will enable us to initiate our Phase 2 clinical program for K201 for atrial fibrillation while we simultaneously pursue novel drug candidates to build our pipeline in cardiovascular disease."

About Atrial Fibrillation

A-Fib is a condition characterized by uncoordinated activity in the upper chambers of the heart. It afflicts over 2.2 million people in the United States and leads to over 440,000 hospitalizations per year, according to the American Heart Association. Limitations of current therapies for A-Fib include safety concerns and inadequate effectiveness.

About Sequel Pharmaceuticals

Sequel Pharmaceuticals is a privately held product-focused pharmaceutical company with significant capabilities and experience in cardiovascular drug development. The company is committed to improving the quality of care for patients with cardiovascular disease by developing and commercializing novel clinical-stage drug candidates. Additionally, Sequel intends to grow its drug portfolio through in-licensing of additional cardiovascular drug candidates.