Adnexus Therapeutics Raises $15.5 Million in Series C Funding.New Investor HBM HBM Human Body Model HBM Human Brain Mapping HBM Hottinger Baldwin Messtechnik GmbH (German company) HBM High Bone Mass HBM Hybrid Bilayer Membrane HBM Humming Bird Medal HBM Her/His Britannic Majesty BioVentures, Prominent Global Venture Firm, Leads Round WALTHAM, Mass. -- Adnexus Therapeutics, Inc. today announced that it has raised $15.5 million through a private placement of Series C Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The financing was led by a new investor, HBM BioVentures (Cayman) Ltd., a leading global healthcare investment firm. All of Adnexus' existing venture investors, Atlas Venture Atlas Venture is an international early-stage venture capital firm that invests in communications, information technology, and life sciences companies. Atlas Venture has investing offices in Boston, London, Munich, and Paris, and its investments are evenly divided between the , Flagship Ventures, Polaris Venture Partners and Venrock, participated in the financing. "We are extremely pleased to expand our investor base with such a prominent firm as HBM, and to receive increased support from our existing investors," said John Mendlein Dr. John Mendlein is a biotech executive and currently CEO of Adnexus Therapeutics, a Boston, MA based biotech company. He was formerly CEO of Affinium Pharmaceuticals. External links
Axel Axel: see Absalon. Bolte, Ph.D., Investment Advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and at HBM BioVentures, said, "We believe Adnexus has a unique competitive advantage -- a new, proprietary drug class, Adnectins, and a proprietary protein design engine, the PROfusion system. In addition, we believe the clinical data presented earlier this year from Angiocept's Phase 1 trial have helped to establish the initial clinical foundation for the Adnectin class in humans. We are excited to become a shareholder at this important time in the development of Adnexus." Adnexus Therapeutics intends to use the proceeds from the financing to, among other things, further fund clinical development activities of its product candidate, Angiocept (CT-322). In addition, Adnexus plans to continue to advance its pipeline of preclinical product candidates that span multiple disease areas. About Adnexus Therapeutics Adnexus Therapeutics is focused on generating vital medicines through the discovery, development, and commercialization of a new class of drugs, Adnectins, which Adnexus believes will be broadly applicable to a number of therapeutic areas. Adnexus' first product candidate, Angiocept (CT-322), is in Phase 1 clinical development in oncology in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company also has a pipeline of other Adnectin products in preclinical research across multiple therapeutic areas. Adnectins are designed and optimized using PROfusion, the company's patented protein design engine that uniquely enables rapid optimization of protein therapeutics. The company is funded by five leading venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] : Atlas Venture, Flagship Ventures, Polaris Venture Partners, Venrock, and HBM BioVentures. This news release contains certain forward-looking statements that involve risks and uncertainties. Such statements are only predictions and the company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may cause such differences include the timing of clinical trials, the risk that products that appeared promising in early research and clinical trials do not demonstrate safety or efficacy in clinical trials and the risk that the company will not obtain approval to market its products. Adnectin[TM], Adnexus[TM] Therapeutics and PROfusion[TM] are trademarks of Adnexus[TM] Therapeutics, Inc. Adnexus(SM) Therapeutics is a service mark of Adnexus[TM] Therapeutics. For more information, please visit www.adnexustx.com. |
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