IntraBiotics completes $10 million mezzanine financing.SUNNYVALE, Calif.--(BW HealthWire)--April 15, 1997--IntraBiotics Pharmaceuticals, Inc., a privately held developer of antimicrobial drugs, today announced the completion of a $10 million mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the . The private Series D financing was led by the Spinnaker Technology Fund, with the participation of Prince Capital L.P. and the company's previous venture investors: the Sprout Group, Brinson Partners, St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Ventures, IASD IASD Indiana Area School District (Pennsylvania) IASD International Academy for Sports Dentistry IASD ion-assisted sputter deposition Health Services health services Managed care The benefits covered under a health contract Corporation, New York Life Insurance Company The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world.[3] , and Singapore Bio-Innovations of America, Inc. IntraBiotics will use the proceeds from this financing principally to fund clinical trials of the company's lead product, IB-367, the first of IntraBiotics protegrin family of broad-spectrum antimicrobial peptides to undergo human testing. The company recently began Phase I safety testing with IB-367, which IntraBiotics is initially developing for the treatment of oral mucositis, a debilitating de·bil·i·tat·ing adj. Causing a loss of strength or energy. Debilitating Weakening, or reducing the strength of. Mentioned in: Stress Reduction side-effect of anti-cancer therapies. "This new financing provides us with the necessary resources to move forward in the clinic and additionally supports our ongoing negotiations with corporate partners aimed at the development and commercialization of IB-367 outside of the United States," said Kenneth J. Kelley, president and chief executive officer of IntraBiotics. "Furthermore, we anticipate using these funds to complete preclinical studies preclinical studies, n.pl a term used to describe research done before a clinical study. May be laboratory or epidemiologic research. on our second product and to expand our research on novel antimicrobials in the coming year." IntraBiotics Pharmaceuticals, Inc. founded in early 1994, is a privately held developer of novel antimicrobial drugs for the treatment and prevention of serious infectious diseases. The company bases its initial products on natural antimicrobial substances, called protegrins, that are produced as part of the internal host defense systems of animals. IntraBiotics is currently developing protegrins as potential treatments for systemic, multi-drug resistant infections, respiratory infections and oral infections. CONTACT: IntraBiotics Kenneth J. Kelley, 408/991-6400 or J. Kureczka Associates Joan E. Kureczka, 415/821-2413 |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion