Drug discovery co Predix raises $43m
Tuesday, January 25, 2005
 
Predix Pharmaceuticals, a clinical stage drug discovery and development company, announced today that it has completed an oversubscribed Series C private equity financing, raising a total of $43 million.
This round of financing was led by Forward Ventures, Boston Millennia Partners, and CMEA Ventures. Additional investors participating in this round also include new investors Novel Bioventures, Yamanouchi Venture Capital, Yasuda and JAFCO Ventures, as well as previous investors OrbiMed Advisors LLC, S.R. One, Yozma Group, International Life Science Partners and PA Consulting.

Predix president and CEO Dr. Michael Kauffman, M.D., Ph.D. said, "The funds raised in this round of financing will allow us to continue the clinical development of our lead compounds, and focus on additional discovery and pre-clinical development efforts."

Predix is a clinical stage drug development company. Over the past two years, the company has discovered several novel drug candidates, two of which are in human clinical trials. In 2004, Predix completed three Phase I trials with PRX-00023 for depression and anxiety, and initiated a Phase I trial with PRX-03140, a 5-HT4 agonist for Alzheimer’s disease and other cognitive disorders. PRX-00023, a 5-HT1A agonist, is expected to enter Phase IIa clinical trials in early 2005 in patients with generalized anxiety disorder. A third clinical candidate, a novel 5-HT2B antagonist for pulmonary hypertension and other hypoxia-associated diseases, is expected to enter the clinic in the first half of 2005. Development will also continue on the company’s robust pre-clinical pipeline.

OrbiMed Advisors general partner Jonathan Silverstein stated, "Predix’s ability to discover, optimize and develop novel drugs in an expeditious fashion has attracted a great deal of interest. We are very pleased with the high quality investment syndicate that has come together in this round. The financial resources and operational experience of the investors will be invaluable as we continue on the path to commercialization."

Incorporated in Israel in November 2000, Predix is based in Woburn, Massachusetts with its computational division in Ramat Gan.


 
 

Neomedia - Keepin' it simple!