Control Delivery Systems, Inc. Raises Over $34 Million in Private Financing.Business/Health and Medical Writers WATERTOWN, Mass.--(BW HealthWire)--Aug. 22, 2000 Control Delivery Systems, Inc. (CDS), a privately-held drug delivery company, announced today that it has completed a $34.5 million round of private financing led by Essex Woodlands Health Ventures. Other investors include funds managed by Ashford Capital Management, Brookside Capital, an affiliate of Bain Capital, Capital Research and Management Company, Essex Investment Management, Morgan Stanley Dean Witter Venture Partners and T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. Associates. Deutsche Banc Alex. Brown acted as placement agent for the financing. CDS products target severe or life threatening conditions with no effective pharmacological treatments. Founded in 1991, CDS has proprietary platform technologies that give sustained delivery of a wide variety of drugs to specific locations over an extended period. The company currently has 7 U.S. patents, 19 foreign patents, and 38 pending patents covering its drug delivery technologies. CDS' current areas of focus are severe ophthalmic diseases, severe arthritis, pain management and cancer. "The development costs for our ophthalmic products currently in clinical trials are funded by our agreement with our strategic partner Bausch & Lomb" said Paul Ashton, 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 CDS. "This financing will support clinical trials for products which use our proprietary technology for severe arthritis and post-surgical pain management." CDS' first commercial product, Vitrasert(TM), a surgically-implanted, sustained-release device to treat CMV retinitis retinitis /ret·i·ni·tis/ (ret?i-ni´tis) inflammation of the retina. retinitis circina´ta , circinate retinitis circinate retinopathy. , was approved by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. in 1996 and has been used to treat over 10,000 patients. This product is licensed to Bausch & Lomb as part of its Envision TD(TM) family of products. In 1999 CDS also entered into a license and development agreement with Bausch & Lomb to develop other ophthalmic products. Products for diabetic retinopathy and age-related macular degeneration Age-related macular degeneration (ARMD) Degeneration of the macula (the central part of the retina where the rods and cones are most dense) that leads to loss of central vision in people over 60. (ARMD Age-related macular degeneration (ARMD) Degeneration of the macula (the central part of the retina where the rods and cones are most dense) that leads to loss of central vision in people over 60. ) are in late stage clinical trials, and a product for uveitis uveitis Inflammation of the uvea, the middle coat of the eyeball. Anterior uveitis, involving the iris or ciliary body (containing the muscle that adjusts the lens) or both, can lead to glaucoma and blindness. has been given fast track status by the FDA. CDS is also actively developing products using its proprietary drug delivery technologies for the treatment of cancer, severe arthritis and pain management. |
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