Neurogenetics, Inc. Raises $10 Million, Concludes Series B Financing.LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif. -- Neurogenetics neu·ro·ge·net·ics
The study of genetic factors that contribute to development of neurological disorders. , Inc., a privately held biopharmaceutical company, announced today that it raised an additional $10 million through a placement of Series B preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.
Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Including the $9 million raised previously, the total amount raised in Series B financing totals $19 million. Participants in this extension included existing investors Alta Partners, Advent International, GIMV (Belgium), Novartis Venture Fund and S.R. One, Limited as well as a new investor Eisai, Co., Ltd (Japan).
"The successful closing of this round of financing is an affirmation of the confidence our investors have in our research programs," said Dr. Kurtz, 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 Neurogenetics. "With the recent execution of a collaboration agreement with Eisai, Co., Ltd. and this financing round Neurogenetics is poised to make rapid progress towards our goal of finding small molecule drugs to treat Alzheimer's disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. ," added Dr. Kurtz.
According to Dr. Kurtz proceeds from this financing will be utilized to advance various ongoing research programs, establish additional pre-clinical development capabilities as well as pursue strategic in licensing opportunities.
Neurogenetics, Inc., founded in April 2000, is a San Diego-based emerging biopharmaceutical company focused on the development of novel small molecule therapeutics for Alzheimer's disease (AD) and related neurodegenerative disorders. The Company has exclusive license agreements with Massachusetts General Hospital for a number of significant AD discoveries from the laboratory of Dr. Rudy Tanzi, scientific co-founder of Neurogenetics and Head of the Genetics and Aging Research Unit at Massachusetts General Hospital/Harvard University. Neurogenetics' research efforts are focused on establishing novel molecular targets through analysis of disease-specific genetic risk factors for neurodegenerative diseases and developing orally active small molecule therapeutics to halt the progress of such diseases.
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CONTACT: Kumar Srinivasan, Ph.D., M.B.A., Director, Corporate Development, Neurogenetics Inc., +1-858-623-5665, ext. 125
Web site: http://www.neurogeneticsinc.com/