Company Developing Small-Molecule Drugs Targeting Post-Transcriptional Control
Mechanisms Has Raised Over $130 Million to Date
SOUTH PLAINFIELD, N.J., Nov. 10 /PRNewswire/ -- PTC Therapeutics, Inc.
(PTC), a privately held biopharmaceutical company focused on the discovery,
development, and commercialization of small-molecule drugs targeting post-
transcriptional control mechanisms, today announced the closing of a $26.6
million equity financing. The round was led by current investors, Credit
Suisse First Boston Private Equity and HBM BioVentures, with a strong
syndicate of new and existing investors, including: Vulcan Ventures, Novo A/S,
Delphi Ventures, Bay City Capital, Novartis BioVentures, Amgen Ventures, and
HealthCap.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010919/PTCLOGO )
"The proceeds of this round of financing will be applied towards the
clinical development of PTC124, the advancement of our preclinical oncology
and antiviral programs, and our drug discovery programs in multiple
therapeutic areas," stated Stuart Peltz, Ph.D., President and CEO of PTC
Therapeutics. "The continued support from our investors reflects our
track-record of consistently meeting our scientific and corporate milestones."
"The founders of PTC were pathfinders in anticipating the significance of
targeting RNA biology for the development of pharmaceutical products,"
commented Michael Schmertzler of Credit Suisse First Boston Private Equity.
"Since our early investment in PTC, the management team has done an excellent
job building on the founders' original insights. We are impressed by the
portfolio of compounds that PTC is developing and the range of critical
diseases that they may address. We look forward to the results of PTC's first
clinical trials in Duchenne muscular dystrophy and cystic fibrosis."
"We are proud to co-lead this additional round of financing which
strengthens PTC's financial position in preparation for critical milestones
expected in 2006," added Axel Bolte, of HBM Bioventures. "PTC continues to
excel in translating its proprietary approach to drug discovery into programs
targeting diseases with large unmet medical needs."
About PTC Therapeutics, Inc.
PTC is a biopharmaceutical company focused on the discovery, development,
and commercialization of small-molecule drugs targeting post-transcriptional
control mechanisms. Post-transcriptional control processes are the sequence
of events in the cell that ultimately regulate the rate and timing of all
protein production. PTC's compounds alter these processes by selectively
modulating how RNA is used to produce proteins. By applying this approach,
PTC has advanced its drug discovery programs rapidly from targets to
preclinical and clinical drug candidates, building a robust pipeline across
genetic disorders, oncology, and infectious diseases.
For more information:
Investors & Media
Jane Baj Robert Stanislaro
PTC Therapeutics, Inc. Noonan Russo
(908) 222-7000, x167 (212) 845-4268
jbaj@ptcbio.com robert.stanislaro@eurorscg.com
SOURCE PTC Therapeutics, Inc.
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Related links:
http://www.ptcbio.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20010919/PTCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Jane Baj of PTC Therapeutics, Inc.,
+1-908-222-7000, x167, jbaj@ptcbio.com; or Robert Stanislaro of
Noonan Russo, +1-212-845-4268, robert.stanislaro@eurorscg.com
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