Compound Therapeutics, Inc. Completes $12.0 Million Series A Financing With Leading Venture Capital Firms.Business Editors WALTHAM, Mass.--(BUSINESS WIRE)--May 28, 2003 Compound Therapeutics, Inc., a privately held biotechnology company developing a new class of protein therapeutic drugs, announced today the completion of a $12.0 million Series A Preferred Stock financing. 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 and Polaris Venture Partners co-led the round. Compound Therapeutics is pioneering the development of a new class of therapeutic compounds, termed Adzymes, which represent the next generation of protein drugs by combining the catalytic activity of enzymes with the target specificity of antibodies and receptors. The Company was founded in September 2002 around an intellectual property portfolio for novel protein therapeutics. "We are pleased to attract substantial capital from three top-tier venture investors," said Frank Lee, Ph.D., President and 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. of Compound Therapeutics. "These resources will enable Compound to develop its industry-leading platform for discovering Adzyme protein drugs and to pursue its first product development program." In conjunction with the financing, the Company also announces that Jean-Francois Formela (Senior Principal of Atlas Venture), Noubar Afeyan (Senior Managing Director of Flagship Ventures), and Terry McGuire (Managing General Partner of Polaris Venture Partners) have joined the Compound Board of Directors. "We are fortunate to have such strong board members in addition to an exceptional management team to lead the company," said L. Patrick Gage, Ph.D., Compound's chairman and former President of Wyeth Research. Compound's Scientific Advisory Board is chaired by Stephen Benkovic, Ph.D. (Pennsylvania State University Pennsylvania State University, main campus at University Park, State College; land-grant and state supported; coeducational; chartered 1855, opened 1859 as Farmers' High School. ) and includes the following world leaders in protein engineering, protein structure-function, enzymology en·zy·mol·o·gy n. The branch of science that deals with the biochemical nature and activity of enzymes. enzymology the study of enzymes and enzymatic action. and inflammation biology: Charles A. Dinarello Charles A. Dinarello is a professor of medicine currently at the University of Colorado at Denver. He is an expert on inflammatory cytokines, specifically Interleukin 1. Dinarello is considered one of the founding fathers of cytokines having purified and cloned interleukin-1. , MD (University of Colorado University of Colorado may refer to:
About Atlas Venture Atlas Venture is a leading international early-stage venture capital firm, investing in communications, information technology and life sciences companies. With offices in Boston, London, Munich and Paris, Atlas Venture divides its investments between the United States and Europe. Founded in 1980, Atlas Venture currently manages $2.1 billion in committed capital. The Atlas Venture investment team is comprised of seasoned operating executives and career venture capitalists who have been deeply involved in the formation and development of more than 300 companies worldwide. For more information about Atlas Venture, go to www.atlasventure.com. About Flagship Ventures Founded in 1999, Flagship Ventures is an entrepreneurship and venture capital firm comprised of a family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". : OneLiberty Funds, AGTC AGTC Advanced Airport Ground Traffic Control System Funds and NewcoGen Group. Flagship currently invests from $400 million in funds raised in 2000, and manages a total pool of committed capital approaching $600 million. The Flagship Ventures team consists of 31 professionals focused on creating, financing, and building companies in the life science, information technology, and communications sectors. www.flagshipventures.com About Polaris Venture Partners With over $2 billion under management, Polaris Venture Partners is a partnership of experienced venture capital investors and technology executives who help entrepreneurs build market-leading companies in information technology and life sciences. Polaris-backed companies include: Akamai Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AKAM AKAM Akamai Technologies, Inc. (stock abbreviation) AKAM Automated Key Access Machine ); Allaire Corporation; Aspect Medical Systems (NASDAQ: ASPM ASPM Abnormal Spindle-Like Microcephaly Associated ASPM Asociación del Secretariado Profesional de Madrid (Spanish: Association of the Professional Secretaryship of Madrid) ASPM Armed Services Procurement Regulation Manual ); Centra Software (NASDAQ: CTRA); deCODE Genetics (NASDAQ: DCGN); Paradigm Genetics (NASDAQ: PDGM). The company has offices in Boston and Seattle. More information about Polaris Venture Partners is available at www.polarisventures.com. |
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