DENVER, Jan. 3 /PRNewswire/ -- Myogen, Inc., a Colorado-based
biopharmaceutical company dedicated to discovering, developing and
commercializing drugs for the treatment of heart failure and related
cardiovascular complications, announced today the final closing of its private
placement of Series D Preferred Stock, adding $14 million to the previously
announced $52.4 million financing. Participants in the additional closings
include the Perseus-Soros BioPharmaceutical Fund, China Development Industrial
Bank, Hunt Ventures, Silicon Valley Bank and affiliates of Tenex Medical
Investors. On August 28, 2001, the Company announced the first closing of
this financing with investments from JPMorgan Partners, New Enterprise
Associates, InterWest Partners, Adams Street Partners, Pacific Rim Ventures,
Sequel Limited Partnership, CMEA Ventures and Montagu Newhall Associates.
"We had a high level of interest in our financing at the time of our first
closing, so we held the financing open to accommodate some very important new
investors," stated J. William Freytag, Ph.D., president and CEO of Myogen.
"We are very pleased to be able to complete an offering of this size,
particularly with such a strong group of investors. In the end, the offering
was oversubscribed and we regretted having to turn down potential
subscriptions."
Myogen intends to use the funds to support its ongoing research and
development programs, including:
-- Pivotal Phase III clinical trials involving the oral form of
enoximone, a drug intended to treat advanced heart failure by
improving the functioning of the heart;
-- Phase II clinical evaluation of ambrisentan (BSF 208075), a member of
a new class of compounds called endothelin receptor antagonists which
Myogen believes holds promise in the treatment of serious medical
conditions including heart failure, chronic renal failure and
pulmonary arterial hypertension; and
-- Discovery research programs which are focused on the discovery and
development of drugs that could halt or reverse the progression of
heart failure.
"We are excited about participating in this round of financing for
Myogen," said Dennis Purcell, Senior Managing Partner at Perseus-Soros. "With
two products in clinical trials, Myogen represents a key investment
opportunity for us in the cardiovascular therapeutic sector." As part of the
financing, Andrew Schiff, M.D. will join Myogen's Board of Directors.
Chronic heart failure (CHF) is a debilitating condition that occurs as the
heart becomes progressively less able to pump an adequate supply of blood
throughout the body. CHF has many causes, generally beginning in patients
with a life-long history of high blood pressure or after a patient has
suffered a major heart attack or some other heart-damaging event. CHF itself
may lead to other complicating factors such as pulmonary hypertension, edema,
pulmonary edema, liver dysfunction and kidney failure. CHF is one of the
largest health problems in the developed world, with costs in the United
States alone exceeding $30 billion annually. In the United States,
approximately five million patients are afflicted with CHF, with an additional
550,000 new cases reported each year. It is estimated that half of all CHF
patients die within five years of diagnosis.
Myogen is a privately held biopharmaceutical company engaged in the
discovery and development of drugs for the treatment of heart failure and
related cardiovascular conditions. The company's strategy aims to leverage
its research and clinical expertise in heart muscle disease toward the
development of a portfolio of novel cardiovascular therapeutics. The company
is currently evaluating two drugs in human clinical studies: enoximone, a
positive inotropic agent that increases the force of contraction of the heart,
and BSF 208075, a member of a new class of drugs referred to as endothelin
receptor antagonists, which the Company intends to develop for the treatment
of chronic heart failure, chronic renal failure, and pulmonary arterial
hypertension. Myogen sells Perfan(R)I.V., the intravenous form of enoximone,
in Europe. In addition, Myogen's research efforts have identified several
novel therapeutic targets involved in heart failure for which the company has
begun drug discovery efforts. Myogen occupies 20,000 square feet of
laboratory and office space in the Denver, Colorado area and currently has
approximately 40 employees. Please visit or website at http://www.myogen.com .
SOURCE Myogen, Inc.
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Related links:
http://www.myogen.com
CONTACT:
J. William Freytag, Ph.D., President & CEO,
+1-303-464-5221, or Joseph Turner, Chief Financial Officer,
+1-303-464-5222, both of Myogen, Inc.
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