CAMBRIDGE, Mass., July 15 /PRNewswire/ -- Peptimmune, Inc. a privately
held biotechnology company, announced that it has successfully completed a
second round $20.4 million Series C financing. Funding from existing
investors includes New Enterprise Associates, MPM Capital, Prism Venture
Partners, Vanguard Ventures, Hunt Ventures L.P., and Boston Medical Investors,
Inc. New investors in this round include Itochu Corporation and Silicon
Valley Bank Capital. The proceeds of the financing are being used to advance
clinical development of Peptimmune's autoimmune and metabolic disease
programs.
"We are pleased with the level of support from both new and existing
investors," stated Tom Mathers, President and CEO. "The $20.4 million
investment represents a significant validation of our strategic efforts and
will enable us to move forward in a timely manner towards achievement of many
key clinical milestones."
Peptimmune's lead product GT 389-255, is a novel lipase inhibitor and fat
binding hydrogel polymer conjugate for the treatment of obesity which has
completed single and multiple ascending dose (SAD and MAD) Phase I trials.
The proof of concept studies established potency of the lipase inhibitor,
improved tolerability with the polymer and established safety in multiple
doses. GT 389-255 acts within the gastro-intestinal tract to prevent fat
digestion and is expected to inhibit >30% of fat absorption. The novel
conjugate is expected to have fewer side-effects than currently marketed
therapies. The currently marketed pancreatic lipase inhibitor Orlistat, is
associated with oily incontinence, caused by mal-absorbed triglycerides. The
addition of the fat binding polymer to GT 389-255 enables it to bind excess
triglycerides and prevent the loose oil in the feces resulting from lipase
inhibition. Peptimmune expects to begin Phase II clinical trials in early
2006.
Peptimmune's other clinical development program is PI-0824 peptide
immunotherapy for the treatment of pemphigus vulgaris, a rare autoimmune skin
disease. PI-0824 has completed Phase I/II clinical trials, and established
safety in multiple doses. Pemphigus vulgaris is caused by the formation of
auto-antibodies to desmoglein 3, (DSg3) a protein found in normal healthy
skin. The antibodies produce a reaction that leads to the separation of skin
cells and results in burn-like lesions and blisters all over the body.
Peptimmune has identified the specific epitope of desmoglein 3 and has
formulated it to suppress the production of anti-DSg3 antibodies. It is hoped
that the use of PI-0824 will reduce or potentially eliminate the need for high
dose steroids and drugs that suppress the immune system, the mainstay of
treatment for pemphigus vulgaris.
Peptimmune expects to initiate clinical development in two of its other
programs during 2006. CO-14 is a random sequence peptide in development for
multiple sclerosis. CO-14 is different in composition than existing random
amino acid copolymer, Copaxone(R) (Teva, Inc). Early non-clinical data
suggests that it is expected to have improved efficacy and more convenient
dosing than Copaxone. Small molecule inhibitors of Cathepsin S are being
developed in conjunction with Medivir AB for rheumatoid arthritis. These
compounds have a novel mechanism of action and have the added advantage of
being oral compounds for more convenient dosing. Both programs are completing
pre-clinical development.
About Peptimmune
Peptimmune, Inc. is a privately held clinical stage biotechnology company
focused on utilizing both novel and proven technologies to improve the
therapeutic management of chronic autoimmune and metabolic disorders. The
company is developing second generation therapeutics that are expected to
result in safer and more effective products for obesity, multiple sclerosis,
rheumatoid arthritis and pemphigus vulgaris. Founded by a team of world class
scientists and led by an experienced management team, Peptimmune's mission is
to reduce the burden these diseases place on the individuals, their families
and the healthcare system. For information, access our website at
http://www.peptimmune.com.
SOURCE Peptimmune, Inc.
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Related links:
http://www.peptimmune.com
CONTACT:
Thomas Mathers, President of Peptimmune, Inc.
+1-617-715-8040, Tom.Mathers@peptimmune.com
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