ANNAPOLIS, Md., Oct. 12 /PRNewswire/ -- PharmAthene, Inc., a privately-
held biotechnology company developing a comprehensive array of countermeasures
to bioterrorism, announced today the closing of $50 Million in Series B
Financing. The deal was led by MPM Capital and co-led by Bear Stearns Health
Innoventures. HealthCare Ventures, the sole Series A Round investor, also
participated.
"This Series B Financing will enable PharmAthene to become a leader in
critical biodefense products beginning with the continued development of
ToxBlox(TM) (a potent inhibitor of anthrax toxin being developed as a
treatment for symptomatic patients). Moreover, it represents a strong vote of
support for PharmAthene's management team and our lead anthrax antitoxin
therapeutic protein by a group of world-class investors," said David P.
Wright, PharmAthene's President and Chief Executive Officer.
"PharmAthene is a leader in the fight against bioterror because of the
foresight of our scientific founders and the early support and leadership of
key U.S. Government partners including DARPA and the U.S. Army Medical
Research and Materiel Command. We are committed to making PharmAthene's
portfolio of products a key weapon in our country's fight against potential
bioterror threats. We look forward to bringing new treatments to the U.S.
Strategic National Stockpile," Wright continued.
According to MPM Capital's Founding Partner, Dr. Ansbert Gadicke, "Venture
capitalists and the biopharmaceutical industry recognize the need for new
therapeutics in the biodefense arena. However, the recently-passed Project
BioShield began to address other important pieces of the puzzle, and MPM is
responding in a major way. We are impressed by this management team's track
record of having brought new products to market at previous companies, and
with PharmAthene's visionary and clear focus on biodefense."
Elizabeth A. Czerepak, Founding Partner of Bear Stearns Health
Innoventures states that, "This financing gives PharmAthene the capital to
fund further development of ToxBlox(TM) and to pursue other in-licensing and
acquisition opportunities. We believe that PharmAthene will lead the sector
and is the partner of choice for developing important biodefense products."
According to Dr. James Cavanaugh, General Partner of HealthCare Ventures,
"PharmAthene exemplifies the partnership between the private sector and
government that is needed to develop critical new biodefense technologies.
The Nation's need for these biodefense products has never been greater, and we
believe PharmAthene has an opportunity to break new ground and lead this new
industry. We are very pleased to participate in the Company's B Round."
Following the financing, the Company's board of directors will be expanded
to include Dr. Ansbert Gadicke, Founding Partner of MPM Capital; Dr. Steven
St. Peter, Principal of MPM and Elizabeth A. Czerepak, Founding Partner of
Bear Stearns Health Innoventures. They will join existing board members, Mr.
Joel McCleary, Chairman of the Board; Dr. James Cavanaugh, General Partner of
HealthCare Ventures; Dr. John Mekalanos, Professor & Chairman, Department of
Microbiology and Molecular Genetics at Harvard Medical School; John Gill,
President & Chief Executive Officer and a Director of Gentara Corporation and
David P. Wright, President and Chief Executive Officer of PharmAthene, Inc.
About ToxBlox(TM)
ToxBlox(TM), (Dominant Negative Inhibitor, DNI), is a mutated form of the
protective antigen (PA) produced by Bacillus anthracis that binds with
naturally occurring toxic PA's. When bound to the PA heptamer, ToxBlox(TM)
inactivates the anthrax toxin. The initial research on ToxBlox(TM), conducted
by Harvard Medical School researchers, was funded through a grant from the
National Institute for Allergy & Infectious Disease, a division of the
National Institutes of Health (NIH). Critical funding and support to
PharmAthene from the Defense Advanced Research Projects Agency (DARPA) and the
U.S. Army Medical Research and Materiel Command (MRMC) has allowed for rapid
development of ToxBlox(TM).
MPM Capital
MPM Capital is the world's largest dedicated investor in life sciences.
With committed capital under active management of more than $2.1 Billion, MPM
is uniquely structured to invest globally in healthcare innovation. In
addition to its BioVentures family of venture capital funds, MPM invests in
the public markets through its MPM BioEquities hedge fund. Primarily in
biotechnology, but also in medical devices and biopharmaceuticals, MPM has
seamlessly integrated private and public equity products to target innovation
in healthcare and, thereby, deliver exceptional returns to investors. The MPM
BioVentures and MPM BioEquities family of funds are two distinctly different
but highly complementary investment vehicles. For more information about MPM
Capital, please visit http://www.mpmcapital.com.
Bear Stearns Health Innoventures
Bear Stearns Health Innoventures is a $212 million venture capital fund
focusing on innovative early through late-stage private biopharmaceutical
companies. Bear Stearns Health Innoventures has led twelve investments to
date and is managed by a team of industry executives with comprehensive
experience in pharmaceutical discovery, development and commercialization.
For more information about Bear Stearns Health Innoventures, please visit
http://www.healthinnoventures.com.
HealthCare Ventures
HealthCare Ventures is one of the world's largest venture capital firms
specializing in health care, making investments in early stage and emerging
growth companies that have the potential for exceptional growth. The firm has
successfully raised and managed seven funds in the past nineteen years and has
over $1 Billion under management. HealthCare Ventures mission is to create,
finance and manage high science healthcare companies with significant growth
potential. For more information on HealthCare Ventures, please visit
http://www.hcven.com.
PharmAthene, Inc.
PharmAthene was formed to meet the critical needs of this Nation by
developing biodefense products. The Company is dedicated to the rapid
development of important and novel biotherapeutics to address biological
pathogens and chemicals that may be used as weapons of bioterror. PharmAthene
is located in the Chesapeake Innovation Center in Annapolis, MD, the first
technology incubator focused solely on homeland security. For more
information on PharmAthene, please visit http://www.PharmAthene.com .
SOURCE PharmAthene, Inc.
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Related links:
http://www.pharmathene.com
http://www.mpmcapital.com
http://www.healthinnoventures.com http://www.hcven.com
CONTACT:
David P. Wright, President & Chief Executive
Officer of PharmAthene, Inc., +1-410-571-8920,
WrightD@PharmAthene.com
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