Clarus Therapeutics Announces Completion of $8 Million Series C Financing Round.NORTHBROOK, Ill. -- Clarus Therapeutics, Inc., a private firm focused on the development of an oral testosterone testosterone (tĕstŏs`tərōn), principal androgen, or male sex hormone. One of the group of compounds known as anabolic steroids, testosterone is secreted by the testes (see testis) but is also synthesized in small quantities in the replacement product, today announced the close of an $8 million Series C financing. H.I.G. Ventures led the round and was joined by Thomas, McNerney & Partners - the sole institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. in the Series A and B rounds. To date, Clarus has secured venture funding commitments totaling $15 million. In conjunction with the Series C financing, Bruce Robertson Bruce Richard Robertson (born April 27, 1953 in Vancouver, British Columbia) is a former freestyle and butterfly swimmer from Canada, who competed for his native country at two consecutive Summer Olympics, starting in 1972 in Munich. , Ph.D. and Michael Wasserman, Ph.D. of H.I.G. Ventures will join Alex Zisson and James Thomas James Thomas may refer to:
Clarus will use the proceeds to support Phase II development of OriTex[TM], its proprietary oral testosterone product being developed for use in men with low testosterone levels. Currently, the testosterone replacement market lacks an effective oral product and has been built on sales of topical testosterone gels and transdermal patches as well as injectable in·ject·a·ble adj. Capable of being injected. Used of a drug. n. A drug or medicine that can be injected. formulations. Market research has shown that current testosterone users and their physicians would overwhelmingly favor a safe and effective oral testosterone replacement product compared to other testosterone treatment options. "The expertise and experience that the Clarus team brings to the table is impressive," stated Dr. Bruce Robertson, Managing Director of H.I.G. Ventures. "Clarus has strong technology and is led by Dr. Robert Dudley -- an industry veteran with a demonstrated track record in the testosterone replacement market having brought the market-leading product, AndroGel([R]), all the way through development to commercialization." "Now that Clarus has advanced its oral testosterone product to Phase II, the time is right to bring in another venture investor to help finance the company through the start of Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA testing," said Alex Zisson, a Partner at Thomas, McNerney & Partners and a Clarus Director. "The company has made tremendous progress in getting to this point and we look forward to seeing them go to the next level in clinical development." "To have the support of two 'A-list' venture firms is tremendous," said Clarus President and Chief Executive Officer, Dr. Robert Dudley. "We are confident in our ability to move OriTex(TM) through advanced stages of clinical testing and we now have the funds that will enable us to work rapidly towards achieving this goal." About Clarus Therapeutics Clarus is a biopharmaceutical company focused on the development and commercialization of androgen-based prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, products for men and women. Clarus's lead product is OriTex[TM] - a proprietary oral testosterone product in Phase II development for the treatment of men with low testosterone levels. For more information, please visit: www.clarustherapeutics.com. About H.I.G. Ventures H.I.G. Ventures partners with entrepreneurs to provide the capital, expertise and relationships necessary to build market-leading businesses. With over $550 million in dedicated venture and growth capital under management, the firm's team invests nationally in early to later-stage information technology, life science and service businesses. H.I.G. Ventures is the venture capital affiliate of H.I.G. Capital, a leading private equity investment firm with over $4 billion of capital under management. H.I.G. Ventures has offices in Atlanta, GA and Miami, FL. For more information, please visit: www.higventures.com. About Thomas, McNerney & Partners Thomas, McNerney & Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is a health care private equity firm that invests in life science and medical technology companies. The firm's partners have successfully funded companies at all stages of their development, having invested over $650 million in more than 52 entities. Thomas, McNerney & Partners has offices in Stamford, CT, Minneapolis, MN and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA. For more information, please visit: www.tm-partners.com. |
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