US Physiome Sciences and Israeli Predix Pharmaceuticals announce merger
Wednesday, August 13, 2003
 
Predix Pharmaceuticals of Israel and Physiome Sciences of the US, two private companies specializing in computational expertise and biological modeling to increase the speed and efficiency of drug development, announced today that they have signed an agreement in which Physiome acquired Predix Pharmaceuticals in exchange for 30% of the combined equity of the two companies.
The combined company, initially named Predix Pharmaceuticals Holdings, Inc., will be known as Predix Pharmaceuticals, Inc., and will be headquartered in Woburn, MA with computational development offices in Ramat Gan, Israel.

Predix was founded in 2000, and is a product-driven drug discovery company focused on rapidly identifying and optimizing drug candidates that bind to G- Protein Coupled Receptors (GPCR’s). Physiome was founded in 1994 and is a provider of computer-based modeling and simulation of cells and biological systems with its own proprietary tools and methodologies. The combined company will focus on the discovery, optimization, and early clinical development of GPCR’s, anti-arrhythmic and other ion channel based drugs.

Michael Kauffman, M.D., Ph.D., will remain the CEO of Predix Pharmaceuticals Holding, Inc. Nik Hayes, who previously served as the CFO and COO of Physiome, will become CFO of the combined company.

The chairman of the board of the combined entity, Frederick Frank, is vice chairman of Lehman Brothers in NYC, and was previously the chairman of Physiome. Dr. Kauffman, who joined Predix in September, 2002, as president and CEO will also serve on the board of the combined company.

Dr. Silvia Noiman, a co-founder of Predix and previously the COO of Predix’ Israeli operations, has become the general manager of the Israeli operations and the senior vice president of Pipeline Management for the combined entity. Dr. Oren Becker, also a co-founder of Predix, has become CSO computational drug development of the combined company, and Dr. Dale Dhanoa has become senior vice president drug discovery of the combined company.

The main shareholders in the merged company are DRKC Life Science Partners (London), of Dresdner Kleinworth Benson, which manages €4 billion; OrbiMed Advisors (New York), and Yozma Venture Capital (Israel). Predix has raised $10 million since it was founded. Other investors in Predix include Oxford Bio-Science Partners, Poalim Capital Markets and Lehman Brothers deputy chairman Frederick Frank. Predix was negotiating a $15 million financing round last year, to be led by a US venture capital fund, but it now appears that the round will not be held.

 
 

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