GAITHERSBURG, Md., July 8 /PRNewswire/ -- Panacea Pharmaceuticals, Inc., a
company focused on developing therapeutic and diagnostic products for cancer,
announced today that it has closed its Series C Private Placement raising
approximately $7 million. Participants in the round included Mitsubishi
Corporation Life Sciences Venture, Olympus, JSR, Shin-Etsu Chemical, Fuji
Photo Film, Dai Nippon Printing, and Tokio Marine & Nichido Fire Insurance,
among others. The investments were secured through the assistance of the
Cosmos Alliance [http://www.CosmosAlliance.com].
Proceeds from the offering will be used to move potential products within
the Company's HAAH Oncology Program towards clinical-stage development.
"We're excited by the continued strength of our findings in the HAAH
cancer program. These include the recent milestone we achieved under our
antibody development collaboration with MIT, as well as positive efficacy
studies in animal models of human primary liver cancer and metastatic human
colon cancer," stated Hossein A. Ghanbari, PhD, CEO and Chief Scientific
Officer of the Company. "Securing these funds through the participation of
excellent investors, as well as diversifying our investor base, allows us to
aggressively pursue our product development activities and positions us for
subsequent raising of capital upon the achievement of further milestones."
Panacea recently announced the development of an engineered, all-human,
single-chain antibody fragment against HAAH via a proprietary yeast display
technology at the Massachusetts Institute of Technology. These molecules have
already demonstrated outstanding characteristics and are being further
explored as anti-cancer candidates subsequent to their back engineering to
full antibodies.
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 primary tumor tissue of 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 has not been detected
in normal or adjacent non-affected tissue.
Preclinical studies have indicated that over-expression of HAAH is
sufficient to induce cellular transformation, to increase cell motility and
invasiveness, and to establish tumor formation in animals. HAAH is over-
expressed on the surface of cancer cells facilitating an antibody-based
treatment approach. In in vitro studies, anti-HAAH antibodies have been shown
to have a beneficial effect on tumor cells, causing them to revert to a more
normal phenotype as measured by the inhibition of growth, motility, and
invasiveness. Recent studies have investigated the efficacy of anti-HAAH
antibodies in vivo and have indicated that the murine forms of these
antibodies are capable of inhibiting 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 a 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 naked anti-HAAH
antibodies, as well as antibody conjugates with various chemotherapeutic
agents as lead candidates in this regard. In addition, the Company maintains
an active diagnostic development program also based on anti-HAAH antibodies.
The confluence of these two programs presents a fully integrated approach to
cancer treatment and management.
About Panacea Pharmaceuticals, Inc.
Panacea Pharmaceuticals, Inc. is an emerging biopharmaceutical company
focused on 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 x107; FAX 240-465-0450
Kasra@PanaceaPharma.com
SOURCE Panacea Pharmaceuticals, Inc.
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Related links:
http://www.panaceapharma.com
http://www.CosmosAlliance.com
CONTACT:
Kasra Ghanbari of Panacea Pharmaceuticals,
Inc., +1-240-243-8000, ext. 107, fax: +1-240-465-0450, or
Kasra@PanaceaPharma.com
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