Proceeds will be used to invest in developing treatments for serious diseases across a broad range of therapeutic areas
NEW YORK, Aug. 10, 2015 -- Turing Pharmaceuticals AG, a privately-held biopharmaceutical company focused on discovering and developing treatments for serious and life-threatening diseases, today announced the completion of its Series A financing. The $90 million round was led by Martin Shkreli, Founder & Chief Executive Officer. One of the largest Series A rounds in biotech history, the financing included participation from multiple preeminent institutional equity investors and the simultaneous issuance of senior secured debt.
The company intends to invest the proceeds from the Series A financing in acquisitions as well as advancing and accelerating its growing pipeline of novel drug candidates.
"We are very happy with the institutional interest in our first capital raise. It's a great reflection on our business model and the collective track record of our leadership team developing breakthrough treatments for serious diseases," Mr. Shkreli said. "We plan to accelerate clinical trials for several treatments and are pleased to announce an immediate addition to our portfolio," he added. "We look forward to the continued execution of our plan to bring new treatments for serious diseases to patients, helping us maximize shareholder value."
Turing Pharmaceuticals AG is a privately-held biopharmaceutical company with offices in New York City and Zug, Switzerland. Turing focuses on developing and commercializing innovative treatments for serious diseases and conditions across a broad range of therapeutic areas, for which there are currently limited or no treatment options. Products being developed include intranasal ketamine for a variety of mood disorders and Syntocinon® (oxytocin nasal solution) for multiple indications. Vecamyl® (mecamylamine HCl tablets) for hypertension is Turing's first commercial product.
For more, visit www.turingpharma.com.
In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding the initiation of product development activities, including but not necessarily limited to clinical trials. Forward-looking statements provide Turing Pharmaceuticals' current expectations and forecasts of future events. Turing Pharmaceuticals' performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Turing Pharmaceuticals undertakes no obligation to update publicly any forward-looking statements.