Metastatix Completes Series a Financing; H.I.G. Ventures Leads $3.6 Million Round for Atlanta-Based Biopharmaceutical Company.ATLANTA -- Metastatix, Inc., an Atlanta-based biopharmaceutical company developing small-molecule drugs to treat cancer and HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. , announced today it has raised a $3.6 million Series A financing round. The funds will be used for the development of initial clinical candidates and will advance the cancer program to the point of filing an investigational new drug application (IND) with 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. . H.I.G. Ventures led the round joined by new investors The Aurora Funds, CM Capital, SR One and MedImmune Ventures, Inc. Existing investors, Georgia Venture Partners and Centrosome Ventures, also participated, along with the State of Georgia. As a result of the 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., Managing Director of H.I.G. Ventures, will become Chairman of the Board. Doug Gooding, Venture Partner for The Aurora Funds, Ad Rawcliffe, Managing Partner for SR One, and Wayne T. Hockmeyer, Ph.D., President of MedImmune Ventures and Chairman of MedImmune, Inc., will also take seats on the Metastatix board of directors. Len Post, Ph.D., former Senior Vice President of Research and Development for Onyx and CM Capital Advisor, will become Chairman of the company's scientific advisory board. "We're honored and excited to have attracted such a strong syndicate of investors at this early stage," said Tony Shuker, Ph.D., President and Chief Executive Officer of Metastatix. "The breadth of experience and financial resources this group brings to the table will serve our company well for years to come. Having an industry pioneer like Wayne Hockmeyer providing guidance on our board is a big win for the company. Given Len Post's past success leading the development of Nexavar for Onyx, his scientific and clinical input will be invaluable as well." Tumor metastasis metastasis /me·tas·ta·sis/ (me-tas´tah-sis) pl. metas´tases 1. transfer of disease from one organ or part of the body to another not directly connected with it, due either to transfer of pathogenic microorganisms or to is the leading cause of cancer-related death yet there is no drug on the market to stop metastatic cancer Metastatic cancer A cancer that has spread to an organ or tissue from a primary cancer located elsewhere in the body. Mentioned in: Liver Cancer metastatic cancer . By targeting the CXCR CXCR Chemokine, CXC Motif, Receptor CXCR Alpha Chemokine Receptor 4 receptor on tumor cells, Metastatix's lead compound is able to inhibit both primary tumor primary tumor A neoplasm which, in clinical parlance, is regarded as malignant, arising in one site and capable of giving rise to metastatic or secondary tumors. See Metastasis. Cf Tumor of unknown origin. growth as well as prevent metastasis. Functioning at the cell's surface, CXCR4 has been identified as a major factor in tumor angiogenesis angiogenesis /an·gio·gen·e·sis/ (-jen´e-sis) vasculogenesis; development of blood vessels either in the embryo or in the form of neovascularization or revascularization. an·gi·o·gen·e·sis n. , cell survival and proliferation along with metastatic Metastatic The term used to describe a secondary cancer, or one that has spread from one area of the body to another. Mentioned in: Coagulation Disorders metastatic pertaining to or of the nature of a metastasis. progression. CXCR4 is also implicated im·pli·cate tr.v. im·pli·cat·ed, im·pli·cat·ing, im·pli·cates 1. To involve or connect intimately or incriminatingly: evidence that implicates others in the plot. 2. as an entry point in T-tropic HIV infection, the target for Metastatix's second program. Using technology licensed from Emory University's Office of Technology Transfer, Metastatix is currently developing chemokine chemokine /che·mo·kine/ (ke´mo-kin) any of a group of low molecular weight cytokines identified on the basis of their ability to induce chemotaxis or chemokinesis in leukocytes (or in particular populations of leukocytes) in inflammation. inhibitors that block the CXCR4 receptor and results have shown efficacy in validated models of cancer and T-tropic HIV infection. This groundbreaking technology was developed by Dr. Dennis Liotta, one of the foremost experts in small-molecule drug design. From its inception, Metastatix drug development has been influenced equally by chemistry, biology, and commercial expertise. Collectively, the Metastatix team has brought three drugs to market and has led development efforts at Eli Lilly Eli Lilly can refer to:
The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. to Emtriva from Emory for a one-time cash payment of $525 million. "The group of people behind Metastatix is extremely proficient in drug discovery and development and has a strong track record for converting basic research into clinically effective and commercially successful drugs," said Dr. Robertson. "Metastatix has an accomplished and capable team, a promising biological target, and lead molecules with significant therapeutic potential and promising efficacy and safety profiles." While CXCR4 has gained considerable attention as a target, there have been few safe and efficacious compounds reported. Metastatix has pioneered the development of a series of novel oral small-molecule CXCR4 inhibitors that have unprecedented biological activity and safety in preclinical models. Metastatix, Inc. Metastatix, Inc. is a privately held pharmaceutical company based in Atlanta, GA. Founded in 2005, the company is developing and commercializing effective, convenient, and safe small- molecule drugs to treat severely 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 or life-threatening diseases including cancer, HIV infection, and macular degeneration macular degeneration, eye disorder causing loss of central vision. The affected area, the macula, lies at the back of the retina and is the part that produces the sharpest vision. . Metastatix is committed to developing drugs that are effective, convenient to take, and have few side effects Side effects Effects of a proposed project on other parts of the firm. . Metastatix has pioneered the development of a series of novel oral small-molecule CXCR4 inhibitors that have unprecedented biological activity in preclinical models. The company has licensed its technology from Emory University Emory University (ĕm`ərē), near Atlanta, Ga.; coeducational; United Methodist; chartered as Emory College 1836, opened 1837 at Oxford. It became Emory Univ. in 1915 and in 1919 moved to Atlanta. . For more information, visit www.metastatix.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 capital under management, the firm's team invests nationally in early to mid-stage information technology, life sciences 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 $3 billion of capital under management. H.I.G. Ventures has offices in Atlanta and Miami. For more information, visit www.higventures.com. About The Aurora Funds The Aurora Funds is a venture capital firm that provides capital, connections and strategic guidance to entrepreneurs with early-stage healthcare and information technology companies. Founded in 1994, Aurora manages over $230 million in five venture funds. Aurora has the capacity to invest a total of between $4 million and $8 million across multiple rounds of financing as the company matures. Aurora has invested in more than 60 companies across its five funds. The firm has co-invested with over one hundred venture funds as well as over 20 corporate investors. Aurora has had numerous successful exits through IPO's and M&A transactions. For more information, visit www.aurorafunds.com. About CM Capital CM Capital Investments is a leading Australian based venture capital fund with $200 million under management and is currently investing out of its third fund of $115 million. The partnership manages a fund specifically for investment in Australian technology and biotechnology based companies that can compete successfully on the global stage. These companies are encouraged to migrate part of their operations to North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. where CM Capital has built links with the US Venture Capital industry. For more information visit www.cmcapital.com. About SR One SR One is GlaxoSmithKline's independent corporate healthcare venture capital fund. Based in West Conshohocken, PA, and London, U.K., SR One invests globally in emerging biotechnology companies that are engaged in drug discovery, development and delivery with the potential to yield dramatic patient benefits. Since its founding in 1985, SR One has invested over $400 million in more than 120 emerging biotechnology companies. For more information on SR One, its staff and portfolio companies, please visit www.srone.com. About MedImmune Ventures MedImmune Ventures, Inc. is a wholly owned venture capital subsidiary of MedImmune, Inc. It was created in 2002 to leverage the company's expertise in discovering, developing and commercializing biotechnology products, as well as its financial resources, to transform new ideas in biotechnology into successful products and companies. MedImmune Ventures invests in early- to late-stage, public or private biotechnology companies focused on discovering and developing human therapeutics. MedImmune Ventures primarily seeks to invest in areas of strategic interest to MedImmune, including infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. , immunology and oncology. For more information, visit www.medimmune.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion