Funds Will Support Clinical Development of Pipeline Products
FREMONT, Calif., April 7, 2008 /PRNewswire/ -- Quark Pharmaceuticals,
Inc., a development-stage pharmaceutical company focused on discovering and
developing novel RNA interference-based therapeutics, today announced the
closing of a private financing totaling an aggregate of $27 million. The
major investors are Investment vehicles of SBI Asset Management Co., Ltd.
and SBI Investment Co., Ltd., subsidiaries of the prestigious SBI Holding
Inc. Quark Pharmaceuticals will use the funds to progress the clinical
studies of its RNAi drug pipeline.
Mr. Kazuyuki Matsui, President and CEO of SBI Asset Management,
commented, "SBI is very excited to continue our support and deepen our
relationship with Quark Pharmaceuticals. We are encouraged by the progress
that Quark has made and we strongly support the Company's clinical trials
going forward."
Daniel Zurr, Chief Executive Officer of Quark, commented, "The
additional funding we are announcing today will allow us to significantly
expand our clinical program. Between our licensee, Pfizer, and Quark, we
anticipate having Quark drug candidates in five clinical programs by the
second half of 2008."
Mr. Zurr continued, "We are thrilled to have the continuous endorsement
and support of seasoned investors like SBI Asset Management, who bring
years of proven experience in building technology companies. It is a vote
of confidence in our RNAi technology platform, intellectual property and
ability to move candidate products into clinical development."
About Quark Pharmaceuticals, Inc.
Quark Pharmaceuticals, Inc. is a development-stage pharmaceutical
company engaged in discovering and developing novel therapeutic RNAi drug
candidates. Quark has a fully integrated drug development platform that
spans therapeutic target identification to drug development. Quark's RNAi
technology includes novel siRNA structures and chemistry that the Company
believes provide Quark with freedom to operate in the siRNA intellectual
property arena, as well as the ability to deliver siRNA locally and
systemically to organs including the eye, ear, kidney, lung, spinal cord
and bone marrow.
Quark's current clinical pipeline includes AKIi-5, developed by Quark
for the prevention of acute kidney injury (AKI) following major cardiac
surgery, currently in Phase I/IIa clinical trials via systemic delivery.
Based on publicly available information, Quark believes this was the first
siRNA delivered systemically in a human clinical trial.
In addition to AKIi-5, Quark's lead compound, RTP801i-14, licensed to
Pfizer on an exclusive worldwide basis, is completing Phase I/IIa trials
for wet age-related macular degeneration (AMD). Quark expects its partner,
Pfizer, to continue to progress RTP801i-14 through Phase II clinical trials
for the treatment of AMD and diabetic macular edema (DME).
Quark is headquartered in Fremont, California and operates research and
development facilities in Boulder, Colorado and Ness-Ziona, Israel.
Additional information is available at http://www.quarkpharma.com.
Quark Pharmaceuticals, Inc. The Ruth Group
Gavin Samuels Stephanie Carrington / Elizabeth Scott
(510) 449 6737 (investors)
GSamuels@quarkpharma.com (646) 536-7017 / 7014
scarrington@theruthgroup.com
escott@theruthgroup.com
Janine McCargo (media)
(646) 536-7033
jmccargo@theruthgroup.com
SOURCE Quark Pharmaceuticals, Inc.
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Related links:
http://www.quarkpharma.com
CONTACT:
Gavin Samuels of Quark Pharmaceuticals, Inc.,
+1-510-449-6737, GSamuels@quarkpharma.com; or Investors,
Stephanie Carrington, +1-646-536-7017,
scarrington@theruthgroup.com, or Elizabeth Scott,
+1-646-536-7014, escott@theruthgroup.com; or Media, Janine
McCargo, +1-646-536-7033, jmccargo@theruthgroup.com, all of The
Ruth Group, for Quark Pharmaceuticals
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