GAITHERSBURG, Md., June 12 /PRNewswire/ -- Panacea Pharmaceuticals,
Inc., a company focused on developing therapeutic and diagnostic products
for cancer, announced today that it has closed its Series D Private
Placement raising $8.9 million. Participants in the round included Konishi
Hiroshi; Kenso Kogyo Co., Ltd.; Kyokuto Securities Co., Ltd.; Medikit Co.,
Ltd.; Mizuho Capital Co., Ltd.; Nomura Research & Advisory Co., Ltd.; Shin
Nihon Jitsugyo Co., Ltd.; and SOFTBANK INVESTMENT CORPORATION.
Proceeds from this round of investment will be used to advance the
diagnostic and therapeutic products within the Company's HAAH Oncology
Program, as well as strengthen the Company's pipeline.
"We expect to initiate several clinical trials involving our cancer
diagnostics and therapeutic products over the next 12-18 months. This
investment will hasten our progress towards commercialization of a broad
range of products to diagnose and treat a number of serious malignancies,"
stated Hossein A. Ghanbari, Ph.D., CEO and Chief Scientific Officer of
Panacea. "We welcome our new investors and their commitment to the
long-term support of Panacea and its product development efforts."
Background on HAAH Oncology Program
The Company's HAAH Oncology Program is based on the enzyme human
aspartyl (asparaginyl) beta-hydroxylase (HAAH). HAAH over-expression has
been detected in more than twenty tumor types tested to date, including
cancers of the pancreas, breast, ovary, liver, colon, prostate, lung,
brain, and bile duct. HAAH over-expression has been detected in 99% of
tumor specimens (greater than 1000) tested to date and not in normal or
adjacent non-affected tissue. The HAAH protein is expressed on the surface
of cancer cells, facilitating an antibody-based treatment approach. In in
vitro studies, anti-HAAH antibodies have been shown to stimulate reversion
of cancer cells to a more normal phenotype as measured by the inhibition of
growth, motility, and invasiveness. In addition, HAAH may be used to
specifically deliver cytotoxic agents to tumor cells. Recent studies have
determined the efficacy of anti-HAAH antibodies in vivo as measured by
inhibition of tumor formation and growth in a xenograft model of primary
human liver cancer. Furthermore, these antibodies significantly reduced the
number and size of metastases in an animal model of human colon cancer
metastasis to the liver.
The Company is actively pursuing the development of anti-HAAH
antibodies as novel agents for the treatment of cancer, with liver cancer
as its first intended indication. The Company is exploring the utility of
both naked anti- HAAH antibodies, as well as antibody conjugates with
various chemotherapeutic agents as lead candidates in this regard.
The Company is also developing a number of diagnostic products based on
anti-HAAH antibodies including a simple blood test to detect the presence
of HAAH. This assay has demonstrated excellent sensitivity and specificity
and has potential utility in the diagnosis and management of disease. The
Company expects to initiate clinical trials of this assay later in 2006 for
the screening of individuals at high risk for prostate as well as for liver
cancers.
About Panacea Pharmaceuticals, Inc.
Panacea Pharmaceuticals, Inc. is using functional genomics and
proteomics to develop therapeutics and diagnostics for diseases with
substantial unmet clinical need. The Company's product development focus is
on novel proteins and biochemical pathways related to cellular regulation
and cell cycle abnormalities in oncology, as well as both acute and chronic
neurodegenerative conditions such as hypoxia-induced cognitive impairment,
Parkinson's disease, and Alzheimer's disease.
More information about the Company is available at
http://www.PanaceaPharma.com.
Except for historical information presented in this press release,
matters discussed herein may constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward- looking statements are based on the opinions and estimates of
management only as of the date of this release and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from any future results, performance, or achievements expressed
or implied by such statements. Factors that might cause such a difference
include, but are not limited to, uncertainties related to our access to
capital, the progress, costs, and results of any clinical trials undertaken
by us, progress of our research and development projects, and uncertainties
related to whether our product candidates would ultimately achieve
commercial success. We do not undertake any obligation to update publicly
any forward-looking statement, whether as a result of new information,
future events, or otherwise unless required by law.
Contact:
Panacea Pharmaceuticals, Inc.
Kasra Ghanbari
Phone 240-243-8000; FAX 240-465-0450
Kasra@PanaceaPharma.com
SOURCE Panacea Pharmaceuticals, Inc.
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Related links:
http://www.panaceapharma.com
CONTACT:
Kasra Ghanbari of Panacea Pharmaceuticals,
Inc., +1-240-243-8000, FAX: +1-240-465-0450,
Kasra@PanaceaPharma.com
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