MONMOUTH JUNCTION, N.J., March 31 /PRNewswire/ -- Transave, Inc., a
biopharmaceutical company focused on developing innovative inhaled
pharmaceuticals for the site-specific treatment of serious lung diseases
today announced that it has raised an aggregate of $35 million pursuant to
its recently completed preferred stock offering. Joining the Company's
Board are Richard Kollender from Quaker BioVentures and Steve Kraus from
Bessemer Venture Partners, the lead investors in the Series D financing.
Also participating in the financing were TVM Capital, Prospect Venture
Partners, Fidelity Biosciences, Forbion Capital Partners and Easton
Capital, all having previously taken a leading investment role in Transave.
"Proceeds from the financing will enable Transave to deliver Phase II
proof of concept data for our lead clinical compound, ARIKACE(TM)
(liposomal amikacin for inhalation). We are on track to have Arikace Phase
II clinical data in cystic fibrosis patients that have Pseudomonas lung
infections this year. In addition, Phase II bronchiectasis data will be
available in the first half of 2009," said Tim Whitten, President and Chief
Executive Officer of Transave.
Tim Whitten further commented, "We extend a hearty welcome to our
newest Board Members, Rich Kollender and Steve Kraus who will add further
depth to our Board. It is gratifying to receive significant financial
support, not only from our highly-regarded new investors, but also from our
existing investors. The new funding serves to validate the great strides
Transave is making in our clinical programs based on our once-daily,
next-generation liposomal pulmonary delivery technology. And perhaps more
importantly, this financing will allow us to continue our mission to help
patients that have serious chronic pulmonary infections."
The securities sold in this private placement have not been registered
under the Securities Act of 1933, as amended, and may not be offered or
sold in the United States in the absence of an effective registration
statement or an applicable exemption from the registration requirements of
the Securities Act. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy the convertible preferred
stock.
About ARIKACE (liposomal amikacin for inhalation)
ARIKACE is a form of the antibiotic amikacin that is enclosed in
nanocapsules of lipid called liposomes. This proprietary next-generation
liposomal technology prolongs release of amikacin in the lung while
minimizing systemic exposure. The treatment uses biocompatible lipids
endogenous to the lung that are formulated into small (0.3 mm) neutrally
charged liposomes that enable biofilm penetration and are highly efficient
with very low lipid to drug ratio (0.6). ARIKACE can be effectively
delivered through nebulization where the small aerosol droplet size (~3.0
mm) facilitates lung distribution. Two Phase II studies are currently being
conducted in patients that have CF and Pseudomonas lung infections in
Europe and the United States. An abstract on the top line European Phase II
data in CF has been accepted for presentation at the 31st European Cystic
Fibrosis Conference in Prague in June. ARIKACE has been granted orphan drug
status in the United States by the FDA and orphan drug designation in
Europe by the European Medicines Agency (EMEA) for the treatment of
Pseudomonas infections in patients with CF.
About Transave Inc.
Transave Inc is a biopharmaceutical company focused on the development
of innovative, inhaled pharmaceuticals for the site-specific treatment of
serious lung diseases. The company's major focus is developing antibiotic
therapy delivered via next-generation liposomal technology in areas of high
unmet need in respiratory disease. Transave is dedicated to leveraging its
advanced liposomal development and commercialization expertise, along with
its intellectual property, to bring life extending and enhancing medicines
to patients.
For more information about Transave's technology and development
programs, visit http://www.transaveinc.com/.
SOURCE Transave, Inc.
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Related links:
http://www.transaveinc.com
CONTACT:
Jennifer Corrigan, +1-732-382-8898,
jenn.corrigan@comcast.net
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