Altea Therapeutics To Receive 2006 GBP Deal of Year Honors.ATLANTA -- Altea Therapeutics has been named a winner of a Georgia Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Partnership (GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) Deal of the Year award for a venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends that raised almost $33 million, the largest venture capital deal in Georgia for 2005. Altea Therapeutics, an emerging pharmaceutical company developing transdermal patches for the delivery of proteins and water-soluble drugs, raised $32.8 million in a third round of venture capital financing led by Aperture Venture Partners. The investor syndicate also included previous investors Domain, Venrock and vSpring Capital together with KBC KBC Kenya Broadcasting Corporation KBC Kaun Banega Crorepati (Indian TV show) KBC Koahnic Broadcast Corporation (Anchorage, Alaska) KBC Keyboard Connector KBC Kill Before Capture , Quilvest, CX Ventures and Rockport Ventures. Altea will use the additional resources to continue the clinical development of its lead products for pain management and diabetes control, and also to support the further development of processes for the fabrication of its commercial products. The company is conducting Phase 2 clinical trials phase 2 clinical trial Phase 2 study. See Phase study. in the U.S. with a daily hydromorphone patch for rapid management of moderate to severe pain and Phase 1 clinical trials phase 1 clinical trial Phase 1 study. See Phase study. in the U.S. with insulin patches that provide continuous delivery of basal levels of insulin for people with diabetes. The Altea Therapeutics deal was part of increased venture capital funding of life sciences companies in Georgia in 2005. Three of the four largest venture capital deals, and one-half of the money raised in the top 10 deals, went to life sciences companies in 2005. The Deal of the Year recognizes transactions, such as financings, collaborations, acquisitions and sales of businesses that represent significant successes by members of Georgia's biosciences community. Altea Therapeutics, along with other previously announced winners, will be honored at the GBP's Annual Awards Dinner January 13 at the Grand Hyatt Atlanta. For more information on the Annual Awards Dinner, visit the GBP website at www.gabio.org. About Georgia Biomedical Partnership The Georgia Biomedical Partnership (GBP), founded in 1989, represents the life sciences industry in Georgia. Its 680 members include companies, research institutions and universities, government groups and corporate service providers involved in biotechnology, pharmaceuticals, medical devices and diagnostics, medical informatics medical informatics, n the field of information science concerned with the analysis and dissemination of medical data through the application of computers to various aspects of health care and medicine. and related businesses. |
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