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Athenagen Raises $50
Million in Series B Financing
SOUTH SAN FRANCISCO , CA – SEPTEMBER
28, 2006
Athenagen, Inc., a privately held biopharmaceutical
company focused in the area of neurovascular diseases, announced
today it has raised $50 million through a Series B financing.
The funds will be used primarily to advance development of
the company’s lead programs targeting Alzheimer’s
disease, age-related macular degeneration (AMD) and cognition
enhancement.
The financing was co-led by Sanderling Ventures
and Clarus Ventures, with a significant investment also made
by Index Ventures. Current investors, Charter Life Sciences
and Astellas Venture Management, also participated in the round.
As a result of the financing, Dennis Henner, Ph.D., a Managing
Director of ClarusVentures, will take a seat on Athenagen’s
board of directors.
“The strength of science, product
opportunities and management experience at Athenagen combine
to create an exceptional investment opportunity for Clarus,” commented
Dr. Henner. “Athenagen’s internally generated AMD
and beta-secretase inhibitor programs are potentially best-in-class
molecules that have differentiated themselves from competitive
programs. Furthermore, the recently in-licensed GTS-21 for
cognition enhancement represents a valuable near-term product
opportunity in a field that clearly needs new agents.”
“I am extremely pleased by the commitment
we received from both new and existing investors in this round
and welcome Clarus and Index to our strong syndicate of investors,” stated
W. Scott Harkonen, M.D., Athenagen President and Chief Executive
Officer. “This financing will allow us to obtain Phase
II efficacy data from our non-invasive eye-drop therapy for
AMD, Phase I/II proof-of-concept data with our beta-secretase
inhibitor program in Alzheimer’s patients and Phase II
efficacy data with GTS-21 in multiple cognitive disorders.”
About Athenagen
Athenagen, Inc., located in South San Francisco, is
engaged in the discovery and development of small-molecule
drugs to treat neurovascular disease indications, such as Alzheimer’s
disease, AMD and cognitive disorders. The company has two fundamental
technology platforms: (i) beta-secretase inhibitors for the
treatment of Alzheimer’s disease; and (ii) nACh receptor
agonists and antagonists for the treatment of angiogenesis
mediated diseases and cognitive disorders. Athenagen currently
has four product development programs based on these two technologies:
ATG003, a topical (eye drop) anti-angiogenesis compound for
neovascular AMD in a Phase I study; GTS-21, an oral agonist
of the alpha-7 nACh receptor pathway for cognition enhancement
currently in a Phase II study; ATG002, a topical (gel) pro-angiogenesis
compound for diabetic foot ulcers currently in a Phase I/II
study; and multiple clinical candidates from the beta-secretase
inhibitor program approaching Phase I/II study for Alzheimer’s
disease in 2007. For more information: www.athenagen.com.
CONTACT:
W. Scott Harkonen, M.D.
President and CEO
(650) 869-7600
press@athenagen.com
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