Adolor Corporation raises $9.6 million in private placement; Developing new generations of peripheral and central analgesics.MALVERN, Pa.--(HealthWire)--April 1, 1996--Adolor Corporation, a privately-held biopharmaceutical company, today announced that the Company has raised $9.6 million in a private financing. This financing included three new venture capital investors: TL Ventures of Wayne, PA, who led the round, Alta California Partners (a successor fund of Burr, Egan, Deleage & Co.) and OneLiberty Ventures. Also participating were founding investors Weiss, Peck and Greer Venture Partners, ARCH Venture Partners, and Falcon Technology Partners L.P. as well as other individual investors and members of Adolor's senior management. This round of financing, together with a seed round completed in November 1994, brings the total amount raised by the Company to $11.1 million. "We would like to express our gratitude to our original investors for their continued support and to our new investors for their confidence in Adolor," stated John J. Farrar, Ph.D., President and Chief Executive Officer. "With this new financing, we expect to maintain an aggressive effort to advance our lead analgesic analgesic (ăn'əljē`zĭk), any of a diverse group of drugs used to relieve pain. Analgesic drugs include the nonsteroidal anti-inflammatory drugs (NSAIDs) such as the salicylates, narcotic drugs such as morphine, and synthetic drugs product into clinical trials." The Company's lead product, a topical peripheral opiate opiate /opi·ate/ (o´pe-it) 1. any drug derived from opium. 2. hypnotic (2). o·pi·ate n. 1. analgesic, ADL 2-1294, is currently in preclinical development for the treatment of burns, abrasions, other cutaneous cutaneous /cu·ta·ne·ous/ (ku-ta´ne-us) pertaining to the skin. cu·ta·ne·ous adj. Of, relating to, or affecting the skin. Cutaneous Pertaining to the skin. inflammatory lesions, and for additional indications associated with inflammatory pain. The analgesic was demonstrated in preclinical studies preclinical studies, n.pl a term used to describe research done before a clinical study. May be laboratory or epidemiologic research. to be as effective as morphine, while exhibiting none of the serious side effects Side effects Effects of a proposed project on other parts of the firm. associated with narcotics. Adolor plans to file an Investigational New Drug (IND) application with the United States Food and Drug Administration United States Food and Drug Administration (FDA), n.pr a unit of the Public Health Service created to protect the health of the nation against impure and unsafe foods, drugs, and cosmetics. . Adolor Corporation is developing a new generation of peripheral and central analgesics Analgesics Definition Analgesics are medicines that relieve pain. Purpose Analgesics are those drugs that mainly provide pain relief. and other therapeutics based on opiate receptors and opiate - like receptors, recombinant forms of which have recently become available. The Company's current research programs include the development of an orally active peripheral opiate analgesic for systemic inflammatory pain (e.g., in rheumatoid arthritis) and the establishment of a screening program based on the recombinant human opiate receptors and on specifically engineered chimeric chi·mer·ic adj. 1. Relating to a chimera. 2. Composed of parts of different origin. receptors. The latter program is designed to identify novel classes of opiate agonists and antagonists with fewer side effects than those currently on the market to better treat chronic pain associated with cancer and other diseases. CONTACT: John J. Farrar, Ph.D. President and Chief Executive Officer Adolor Corporation (610) 889-5729 |
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