Syndexa Pharmaceuticals Corp. Targeting Metabolic Diseases, Raises $15M Series B Financing
Cambridge, MA, May 30, 2008 - Syndexa Pharmaceuticals Corp., a biopharmaceutical company developing first-in-class drugs to treat metabolic diseases, announced today that it has secured $15M in new financing. The upround was led by new investor Dr. Yalcin Ayasli, a successful entrepreneur in the technology industry and the founder of Hittite Microwave Corporation (NASDAQ: HITT).
"This new influx of capital reflects the enormous promise of Syndexa's drug targets, Endoplasmic Reticulum (ER) and c-jun N-terminal kinase (JNK). Attracting additional capital at an increased valuation is a testament to the robust product potential of our innovative drug discovery approach and the strength of our team," said Teo Uysal, CEO and co-founder of Syndexa. "We are thrilled to partner with our new investor Dr. Ayasli whose experience will bring a new dimension to the Syndexa team as we move forward."
Syndexa scientific founder Prof. Gokhan Hotamisligil of the Harvard School of Public Health added, "Syndexa continues to solidify its position as a leading company targeting critical biological events at the interface of metabolism and inflammation, a fundamental biological platform for the development of therapeutic products across multiple disease areas."
Proceeds from this financing will be used to accelerate the advancement of Syndexa's preclinical pipeline towards human clinical trials and further develop the company's discovery platform. In conjunction with the Series B transaction, Dr. Ayasli will join Syndexa's Board of Directors. "Syndexa has the right combination of excellent science and a strong team to advance its programs and address major unmet medical needs," said Dr. Ayasli.
About Syndexa Pharmaceuticals Syndexa is dedicated to the discovery and development of a new generation of small-molecule drugs targeting the biological interface between inflammatory and metabolic pathways, novel mechanisms for the treatment and prevention of metabolic diseases. Syndexa's initial targets include ER and JNK. Founded by leading scientists from Harvard and University of California, San Diego, the company has raised over $19M of equity capital to date and is executing on its business strategy to rapidly build and commercialize a portfolio of breakthrough products. The company is headquartered in Cambridge, MA. For additional information, please visit http://www.syndexa.com.