Sirion Therapeutics Completes $45 Million Series B Financing
TAMPA, Fla., April 9 -- Sirion Therapeutics, Inc., an ophthalmic-focused biopharmaceutical company, announced today that it has raised $45 million in a Series B private equity financing led by Aisling Capital. In addition to Aisling, the financing included new investors Investor Growth Capital, Atlas Venture, Advent International and Bear Sterns Healthcare Value Partners. Previous Series A investor NovaQuest also participated in the Series B round.
Andrew Schiff, MD, Managing Director of Aisling Capital commented, "Sirion's experienced management team has put together an impressive portfolio of products. We are pleased with the company's progress to date. It is extraordinary to have achieved so much in such a short period of time and we appreciate the opportunity to support them at a crucial time in the company's development."
Curt LaBelle, MD, Vice President of Investor Growth Capital, Inc. added "IGC is pleased to make this investment in Sirion. We think ophthalmology is an exciting area and the management team at Sirion has the experience to continue building an excellent ophthalmic company."
Barry Butler, President and CEO of Sirion Therapeutics, said that the proceeds from this raise will be used to advance the company's pipeline of products. "We are obviously delighted to be partnered with such high caliber investors and appreciate their confidence in our technology, management team and strategic direction. This investment will allow us to reach critical milestones in several of our development programs."
Sirion currently has four products in various stages of development:
ST-601. ST-601 is a potent ophthalmic steroid emulsion for the treatment of steroid responsive inflammatory diseases. A Phase III program was initiated in January 2007.
ST-602. ST 602 is a product aimed at reducing the accumulation of lipofuscin in the eye by inhibiting the formation of serum retinol. It is theorized that the accumulation of lipofuscin in the eye is responsible for vision loss in such diseases as dry age-related macular degeneration, geographic atrophy and Stargardt's disease. A Phase II trial commenced in December 2006.
ST-603. ST-603 is a topical preparation of cyclosporine A in the patented Sophisen ophthalmic delivery system. A clinical program commenced in Q1 2007.
ST-605. ST-605 is a topical ophthalmic gel containing ganciclovir for the treatment of certain viral and superficial eye infections. The product is currently marketed by Laboratoires Thia in Europe under the brand name of Virgan®.
About Sirion Therapeutics, Inc. Sirion Therapeutics is a Tampa, FL based biopharmaceutical company, with additional offices in La Jolla, California, dedicated to the development and commercialization of innovative ophthalmic products. For more information regarding Sirion, please visit Sirion's website at http://www.siriontherapeutics.com.