Financing Represents the Largest Biotech Series A in Connecticut History New Haven, CT - March 10, 2003 - Sopherion Therapeutics, Inc., a biotechnology company leveraging its proprietary technology platforms to design, develop and commercialize innovative targeted pharmaceutical therapies, today announced the completion of a $26 million Series A financing. The round was led by TL Ventures. HealthCap KB, ProQuest Investments, Johnson & Johnson Development Corporation, Intersouth Partners, Seaflower Ventures, Connecticut Innovations Incorporated, and GE Life Science and Technology Finance also participated in this financing.
"Having been the head of cancer research institutes and anti-cancer drug discovery programs focused on finding novel therapeutic agents for treatment of cancer metastases in both the private and public sectors for over twenty-two years, I believe Sopherion has a breakthrough targeting platform and drug discovery/design strategy," stated Ronald H. Goldfarb, Ph.D., President and CEO of Sopherion Therapeutics. "We are now poised to advance our two lead product candidates for the treatment of metastatic cancers into the clinic. We intend to initiate a Phase I trial with ST 100,006, a first-in-class therapy, in 2003 and with ST 100,057 in 2004."
In addition to advancing the anticancer therapies, the Series A funds will be used to enhance Sopherion's product pipeline and drug design initiatives. Leveraging its technology platforms and unique screening methodologies, the Company has already amassed a strong pipeline of twelve product candidates with potential applications in the treatment of asthma, allergy, cancer, and osteoporosis. All of these therapies have novel mechanisms of action in preclinical studies that allow them to bypass healthy cells, specifically and selectively targeting disease sites. The Company will continue to utilize their technology platforms to design complimentary product candidates, and expand preclinical evaluation of its existing product candidates.
"The consummation of this landmark Series A financing in the current market underscores the extraordinary combination of the Company's product candidates that are moving aggressively to the clinic, biology and technology platforms, intellectual property, and human capital," stated David Scheer, Chairman of the Board of Directors of the Company and the President of Scheer & Company, Inc., a life science advisory firm that was instrumental in founding Sopherion.
"Sopherion is the ideal investment opportunity for our firm," stated Christopher Moller, Ph.D., Managing Partner at TL Ventures. "Beyond our traditional investment decisions, which are based upon pipeline, management, and advisory boards, our firm was captivated by the versatility of Sopherion's technology platform, as it allows the Company to develop therapies for multiple disease areas."
About Sopherion Therapeutics, Inc.
Sopherion Therapeutics, Inc. is a privately-held, emerging biotechnology company based in New Haven, CT. The Company was formed in 2001 as the result of a collaboration among Scheer & Company, Children's Hospital Boston and Dr. Samy Ashkar. The core technologies and product candidates at Sopherion are based on mechanistic insights that provide versatility and power as drug discovery engines. These technology platforms identify molecules that are able to mimic key biomolecules. The product candidates have biological properties that were designed to specifically and selectively target disease states without harming healthy cells. To date, the Company's pipeline includes therapies with potential applications in the fields of asthma, allergy, oncology, osteoporosis, and other human diseases. The technologies and product candidates were developed by Dr. Samy Ashkar, the Chief Scientific Officer at Sopherion, while he was a faculty member at Harvard Medical School and at Children's Hospital Boston.
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