Avid Radiopharmaceuticals Closes $26 Million Series C Financing.Funds Will be Used to Advance Pipeline of Novel Molecular Imaging Agents to Diagnose Alzheimer's Disease, Parkinson's Disease and Other Neurological Disorders
PHILADELPHIA -- Avid Radiopharmaceuticals, Inc., a molecular imaging company, today announced the closing of a $26 million Series C financing. This financing was co-led by AllianceBernstein LP and Safeguard Scientifics, Inc. (NYSE NYSE
See: New York Stock Exchange : SFE See Sydney Futures Exchange. ), with additional funding provided by previous Avid investors, including Pfizer Strategic Investments Group (investment group of Pfizer, NYSE: PFE 1. (text, editor) PFE - Programmer's File Editor.
2. (language) PFE - Portable Forth Environment. ) Lilly Ventures (venture arm of Eli Lilly, NYSE: LLY), RK Venture Group, and BioAdvance (Biotechnology Greenhouse of Southeastern Pennsylvania).
The financing positions Avid to advance its pipeline of diagnostic molecular imaging compounds for neurological disorders, including Alzheimer's disease (AD), Parkinson's disease (PD) and Dementia with Lewy Bodies Dementia with Lewy bodies is the second most frequent cause of hospitalization for dementia, after Alzheimer's disease. Current estimates are that about 60-to-75% of diagnosed dementias are of the Alzheimer's and mixed (Alzheimer's and vascular dementia) type, 10-to-15% are Lewy (DLB). Avid currently has five imaging compounds in clinical development and recently announced initial positive results on AV-1, a lead compound for imaging amyloid plaques in Alzheimer's patients.
"Our ability to attract sophisticated and forward-looking partners reflects the growing interest in molecular imaging as a key technology for individualized patient care," said Daniel Skovronsky, M.D., Ph.D., 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. and President of Avid. "As our understanding of the molecular basis of disease expands, new molecular imaging agents, such as those we are developing at Avid, will play an increasing role in helping physicians identify and treat Alzheimer's disease, Parkinson's disease and other devastating neurological disorders."
According to the World Heath Organization, an estimated 6.8 million people die every year as a result of neurological disorders. As the global population ages, there is an increasing demand for innovative, accurate technologies to diagnose these diseases. Avid's vision is to develop novel imaging agents to enable more accurate diagnosis, treatment selection and therapeutic monitoring for these significant medical disorders. With these new molecular imaging capabilities, doctors may be able to detect many neurological disorders during the earliest stages of pathological change. This could, in turn, lead to earlier and more targeted intervention and disease management strategies for patients at risk.
"We are pleased to be taking a major position in this Series C financing of Avid," said Jamie Kiggen, Senior Vice President of AllianceBernstein LP. "Avid's technology targets an important and growing medical need that affects millions of patients globally. They have the potential to be the leader in diagnostic imaging of neurological disorders in the years ahead."
"Safeguard is partnering with Avid based upon the proven strength of its management and the company's strong pipeline of proprietary imaging agents," commented Gary J. Kurtzman, M.D., Vice President of Life Sciences at Safeguard Scientifics, who will be joining Avid's Board of Directors. "With the ability to diagnose patients at the earliest stages of disease, these compounds are also well positioned to complement many targeted treatments currently in development."
Avid Radiopharmaceuticals, Inc. is developing novel diagnostic imaging agents to enable earlier and more accurate diagnosis, treatment selection and therapeutic monitoring of major medical disorders. The company is a pioneer in the development of molecular imaging agents for Alzheimer's disease and other neurological disorders and is developing products for imaging with both positron emission tomography positron emission tomography: see PET scan.
positron emission tomography (PET)
Imaging technique used in diagnosis and biomedical research. (PET) and single photon computed tomography (SPECT SPECT single-photon emission computed tomography.
single photon emission computed tomography
n See single photon emission computer tomography. ). The company has a collaboration in place with Bayer Schering Pharma AG Bayer Schering Pharma AG (FWB: SCH, NYSE: SHR) is a research-centered pharmaceutical company that was formed by the merger of Schering with Bayer on December 29 2006. The company was originally founded in 1851 by Ernst Schering (1824-1889). to develop its first PET molecular imaging agent for Alzheimer's disease. In addition, Avid is currently conducting clinical studies on a pipeline of next generation PET and SPECT agents. The company also has collaborative relationships with leading molecular imaging researchers at the University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli.
Address: Philadelphia, PA, USA. and the University of Michigan (body, education) University of Michigan - A large cosmopolitan university in the Midwest USA. Over 50000 students are enrolled at the University of Michigan's three campuses. The students come from 50 states and over 100 foreign countries. . For more information, visit www.avidrp.com.
About Molecular Imaging
Molecular imaging utilizes radiotracer radiotracer /ra·dio·tra·cer/ (-tra´ser) radioactive tracer.
A radioactive isotope used as tracer.
a radioactive tracer. drugs to diagnose and monitor disease processes and progression. These diagnostic agents, referred to as molecular imaging agents, are used for imaging with both positron emission computed tomography (PET) and single photon emission computed tomography single photon emission computed tomography
n. Abbr. SPECT
Tomographic imaging of local metabolic and physiological functions in tissues. (SPECT) imaging. In 2006, more than 20 million SPECT scans and 1.5 million PET scans were performed. New and more effective molecular imaging agents could support the use of such imaging procedures in the diagnosis of many disorders at earlier stages of disease.