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 [email protected]