Acusphere Raises $15 Million in Private Equity Financing.Business/Technology Editors & Health/Medical Writers BIOWIRE2K WATERTOWN, Mass.--(BW HealthWire)--July 24, 2002 Acusphere, Inc., a specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs using its proprietary porous microparticle technology, announced today that it has completed a $15 million round of financing. The financing was led by Thomas Weisel Capital Partners. Other investors in this round included BA Venture Partners, Polaris Venture Partners, Alta Ventures, MVI MVI Multivitamin MVI Multi-Vendor Import MVI Melt-Volume Index MVI Motor Vehicle Incident MVI MODIS Vegetation Index MVI Multiple Variable Inversion MVI Microsoft Virus Initiative MVI Multi-Vitamin Injection MVI Motion Video Instructions Medical Ventures, Prism Venture Partners, BancBoston Ventures, Audax Group, Technology Funding, Boston University Boston University, at Boston, Mass.; coeducational; founded 1839, chartered 1869, first baccalaureate granted 1871. It is composed of 16 schools and colleges. and CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group. "We are pleased with the strong support provided to the company by our investors," commented Sherri C. Oberg, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Acusphere will use the proceeds from this financing to support the ongoing clinical development of our three product candidates: our inhaled sustained release asthma formulation; AI-850(TM), our improved formulation of the cancer drug paclitaxel paclitaxel /pac·li·tax·el/ (pak?li-tak´sel) an antineoplastic that promotes and stabilizes polymerization of microtubules, isolated from the Pacific yew tree (Taxus brevifolia); ; and AI-700(TM), our ultrasound contrast agent for the detection of coronary artery disease coronary artery disease, condition that results when the coronary arteries are narrowed or occluded, most commonly by atherosclerotic deposits of fibrous and fatty tissue. . We will also continue to develop novel product candidates utilizing our proprietary Hydrophobic hydrophobic /hy·dro·pho·bic/ (-fo´bik) 1. pertaining to hydrophobia (rabies). 2. not readily absorbing water, or being adversely affected by water. 3. Drug Delivery Systems (HDDS HDDS Hazards Data Distribution System HDDS High-Density Data System HDDS Hull Design Database System HDDS Hazardous Device Disposal Squad HDDS Hold Deck Deck Switch HDDS Hydro-Dynamic Device Simulator (TM)) and Pulmonary Delivery System." About Acusphere, Inc. Acusphere is a privately held specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs using its proprietary porous microparticle technology. This technology allows the size and porosity of microparticles to be engineered resulting in versatile drug delivery systems for all routes of administration. This porous microparticle technology is broadly applicable as a pulmonary drug delivery system, as a hydrophobic drug delivery system (HDDS(TM)) and as an intravenous gas delivery system for ultrasound contrast. Acusphere has three porous product candidates in clinical development: an inhaled sustained release asthma formulation; AI-850(TM), an improved formulation of the cancer drug paclitaxel; and AI-700(TM), an ultrasound contrast agent for the detection of coronary artery disease. The asthma product candidate and AI-850 each entered Phase I clinical trials in early May 2002. AI-700 has completed Phase II clinical trials. Acusphere has focused on therapeutic areas where its drug delivery technology has the potential to provide significant clinical benefits. The company is financed by a leading group of venture capital investors including Polaris Venture Partners, Thomas Weisel Capital Partners and BA Venture Partners. For more information about Acusphere visit the company's Web Site at http://www.acusphere.com. |
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