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GELTEX PHARMACEUTICALS, INC. COMPLETES $6.8 MILLION FINANCING

 LEXINGTON, Mass., Sept. 8 /PRNewswire/ -- GelTex Pharmaceuticals, Inc. announced today that the company has completed a $6.8 million financing to continue the development of its non-absorbable polymers to treat elevated cholesterol levels, disorders associated with kidney failure and other major disorders. The investors participating in the financing are Domain Partners, New Enterprise Associates, Norwest Venture Capital, Abbingworth Management, Ltd., Biotechnology Investments, Ltd. and Paine Webber R&D Partners.
 In connection with the financing, Jesse Treu, General Partner at Domain Partners, and Ernest Parizeau, Partner at Norwest Venture Capital, have joined the GelTex board of directors.
 "The financing will allow us to accelerate the development of a new generation of therapeutic polymers that selectively eliminate substances from the gastrointestinal tract without requiring entry into the bloodstream," said Mark Skaletsky, president and chief executive officer of GelTex. "These compounds, which are based on recent advances in molecular recognition and polymer science, have significant potential in a broad range of conditions as potent, orally deliverable drugs with minimal side effects."
 Skaletsky added, "We are pleased to welcome Jesse Treu and Ernest Parizeau as new board members, and look forward to their contributions. Both individuals bring significant experience in the development of emerging technology companies."
 GelTex Pharmaceuticals, Inc. is developing and commercializing a new class of non-absorbable pharmaceuticals, called luminal therapies, for the selective elimination of substances resulting from certain disease states or whose elimination will have a beneficial medical effect. Founded in 1992, GelTex is based in Lexington, Mass.
 -0- 9/8/93
 /CONTACT: Mark Skaletsky, president and CEO of GelTex Pharmaceuticals, 617-863-1720 or; Robert Gottlieb, senior vice president of Feinstein Partners, 617-577-8110/


CO: GelTex Pharmaceuticals, Inc ST: Massachusetts IN: MTC SU:

JL-CM -- NE001 -- 9628 09/08/93 08:30 EDT
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Publication:PR Newswire
Date:Sep 8, 1993
Words:289
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