TREVOSE, Pa., Oct. 27 /PRNewswire/ -- InfaCare Pharmaceutical
Corporation, a late stage specialty pharmaceutical company focused on the
development of products to treat neonatal diseases, today announced a $28
million private placement of its Series B Preferred Stock. New investor,
HealthCare Ventures, led the round and Harold Werner, a partner with HCVEN,
will join InfaCare's board of directors. Additional funding came from new
investor Longitude Capital. Patrick Enright, a partner with Longitude and a
current InfaCare board member, will represent the fund. All current
preferred stock investors, including FirstMark Capital and Atlas Venture,
also participated in the financing.
"We are very excited to have such strong financial backing from this
outstanding group of both new and existing investors, whose participation
in this round further validates our business strategy and the value of our
lead drug candidate," said Dan Burns, President and Chief Executive
Officer. "We expect the proceeds of this financing to provide the capital
necessary to achieve value creating milestones for the company, including
phase IIb results for our lead product."
InfaCare's lead compound, Stanate(R) for the treatment of neonatal
hyperbilirubinemia, is expected to enter a pivotal phase III trial in 2009.
Stanate is the only pharmacological agent, currently in development,
designed to prevent bilirubin from reaching toxic levels in hemolyzing
neonates, thus reducing or eliminating the risk of the devastating
neurological outcomes associated with uncontrolled hyperbilirubinemia. Over
1,200 neonates have been treated with Stanate in a number of clinical
trials to date.
About InfaCare Pharmaceutical Corporation
InfaCare Pharmaceutical Corp. is a Pennsylvania based specialty
pharmaceutical company dedicated to developing and commercializing
therapeutics to treat neonatal diseases. Stanate, InfaCare's lead product
is a Heme Oxygenase Inhibitor designed to reduce or eliminate the morbidity
and mortality outcomes that can be associated with uncontrolled
hyperbilirubinemia in newborns. For more information, please visit
http://www.infacarepharm.com.
About HealthCare Ventures
HealthCare Ventures is a leading venture capital firm specializing in
life science industry investing. Over the past 23 years, HCV has raised
$1.6 billion in eight funds. They have invested in a total of 93 companies,
53 of which were start-ups. Of these companies, 22 have become public and
23 have been acquired by or merged into public companies. For more
information, please visit http://www.hcven.com.
About Longitude Capital
Longitude Capital is a venture capital firm that invests in medical
device and biotechnology companies developing products that address
important unmet medical or economic needs in the life sciences industry.
Longitude's investment team has more than 100 years of industry experience
and has invested in over 100 life sciences companies. Longitude raised its
inaugural fund, the $325,000,000 Longitude Venture Partners, L.P., in 2008,
and has offices in Menlo Park, California and Greenwich, Connecticut. For
more information on Longitude Capital, please visit
http://www.longitudecapital.com.
About Atlas Venture
Atlas Venture is a leading early-stage international venture capital
firm that invests in technology and life sciences businesses in the U.S.
and Europe. Since inception in 1980, its partners have helped build over
300 companies in more than 16 different countries. In the past decade, 47
portfolio companies have been acquired and 40 are now public companies with
an aggregate market capitalization of over $20 billion. Atlas Venture
manages over $2 billion in capital through offices in Boston, London,
Munich and Paris. For more information, visit http://www.atlasventure.com.
About FirstMark Capital
Based in New York City, FirstMark Capital (formerly Pequot Ventures)
has established itself as a venture leader with a strong, international
reach over its twelve year history. FirstMark invests in companies that are
creating new markets with innovative technology solutions or rethinking
existing markets by applying a novel business model. With nearly $2 billion
in capital commitments, FirstMark's team of investment and operations
professionals have decades of entrepreneurial experience and leadership in
core technology markets, making the firm uniquely qualified to offer
industry insight, relationships and the operational expertise to build
lasting businesses. For more information, please visit
http://www.firstmarkcap.com.
SOURCE InfaCare Pharmaceutical Corporation
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Related links:
http://www.infacarepharm.com
http://www.hcven.com http://www.longitudecapital.com
http://www.atlasventure.com http://www.firstmarkcap.com
CONTACT:
Ron Goldfuss, Chief Financial Officer,
InfaCare Pharmaceutical Corporation, +1-267-515-5857,
rgoldfuss@infacare.com
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