CAMBRIDGE, Mass., July 16 /PRNewswire/ -- Peptimmune, Inc., a privately
held biotechnology company, announced that it has completed a second close
of $8.9 million of its Series D preferred stock offering with its investor
syndicate led by New Enterprise Associates, MPM Capital, Hunt Ventures
L.P., Boston Medical Investors and Silicon Valley Bank Capital, and its
Chairman of the Board. The proceeds of the financing are primarily being
used to advance clinical development of Peptimmune's PI-2301 for the
treatment of multiple sclerosis.
"The Series D investment allows us to further evaluate PI-2301 in
multiple sclerosis patients," stated Thomas P. Mathers, President and CEO.
"The primary goal of our current Phase Ib study is to demonstrate safety of
PI-2301 in multiple sclerosis patients. The Phase Ib will investigate the
pharmacologic effect of PI-2301 in MS patients in the most extensive study
of biomarkers in patients treated with copolymers to date."
Financing Clinical Trials in Multiple Sclerosis
Peptimmune is currently undertaking its Phase Ib multiple ascending
dose study to evaluate the safety, tolerability, pharmacokinetics, and
pharmacodynamics of PI-2301 in subjects with Secondary Progressive Multiple
Sclerosis (SP-MS). The Phase Ib multiple-ascending dose, double-blind,
placebo-controlled randomized study will involve up to fifty-three subjects
with SP-MS who will receive the drug once weekly in four escalating-dose
cohorts. Following establishment of safety at potentially therapeutic doses
and proof of pharmacologic mechanism, the Company plans to initiate its
Phase II study in multiple sclerosis patients in 2009.
About PI-2301
PI-2301 is a second generation peptide copolymer from a similar
compound class as Copaxone(R) (Teva Pharmaceuticals). PI-2301 works through
immune modulation by enhancing the regulatory response of the immune system
to control the pathogenic autoimmune response in certain diseases. PI-2301
has been optimized using Peptimmune's novel platform peptide chemistry and
in pre-clinical studies, has shown to be more potent and effective than
Copaxone in treating disease models for multiple sclerosis. It is expected
that weekly dosing administration with PI-2301 will provide greater patient
convenience and tolerability over Copaxone's daily dosing administration.
PI-2301 has also shown efficacy in pre-clinical models of autoimmune
diseases where immune modulation may be effective, such as Crohn's disease,
rheumatoid arthritis and autoimmune uveitis. Peptimmune has also introduced
highly reproducible manufacturing methods that allow very strict control
and characterization of PI-2301 and should provide a superior level of
batch to batch consistency.
Information on Multiple Sclerosis
Over 400,000 Americans have multiple sclerosis (MS), and worldwide MS
may affect over 2.5 million individuals. MS is an autoimmune disease in
which the individuals' immune system responds against multiple components
of nerve-insulating myelin. The effects of these immune-mediated attacks
can
range from relatively benign to somewhat disabling to devastating, as
communication between the brain and other parts of the body is disrupted.
About Peptimmune
Peptimmune, Inc. is a privately held clinical stage biotechnology
company focused on the development of peptide therapies to improve the
management of chronic autoimmune and inflammatory disorders. The Company is
in clinical development with second-generation therapeutics that are
expected to result in safer and more effective products for multiple
sclerosis and pemphigus vulgaris. Current investors include New Enterprise
Associates, MPM Capital, Hunt Ventures, Boston Medical Investors, and
Silicon Valley Bank Capital. For additional 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 of Peptimmune, Inc.,
+1-617-715-8040
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