GRACE VENTURES PARTNERSHIPS II AND III INVEST IN VICAL, INC.
GRACE VENTURES PARTNERSHIPS II AND III INVEST IN VICAL, INC. CUPERTINO, Calif., March 25 /PRNewswire/ -- Grace Ventures Partnerships II and III today announced that they have made an $800,000 initial investment in VICAL, Inc., of San Diego, Calif. This investment is part of a $9.5 million financing which also includes Hillman Ventures, Morgenthaler Ventures, Sanderling Ventures, Security Pacific Capital Corp., Sutter Hill Ventures, U.S. Venture Partners, Venrock Associates and Sorrento Associates. VICAL develops gene-based pharmaceuticals for preventing and treating viral and inflammatory diseases. Since VICAL was founded five years ago, the company has demonstrated significant biotechnology and pharmaceutical advances. The technique for direct muscular injection of genetic material discovered by VICAL is the foundation of a joint vaccine development program with Merck and Co., Inc. According to Dr. Dannie King, chief executive officer and president of VICAL, "We have made remarkable progress in demonstrating the ability of this approach to generate potent immune responses in animals. These responses appear to be both qualitatively and quantitatively superior to the immunity induced by conventional and antigen-based vaccines." Dr. Christian F. Horn, managing partner of Grace Ventures Partnerships II and III, commented, "VICAL, Inc. is developing products which will significantly advance the practice of clinical medicine by preventing and treating a broad spectrum of diseases." Grace Ventures Corp., a wholly owned subsidiary of W. R. Grace & Co. (NYSE: GRA) and Horn Venture Partners, a partnership of the officers of Grace Ventures, manage 51 high technology, emerging growth company investments through four venture capital funds, including Grace Ventures Partnerships I, II, and III. Investors in these funds are from nine countries and represent industrial concerns, banks, financial institutions, venture capital funds and individuals. -0- 3/25/92 /CONTACT: Chuck Suits of Grace Ventures Corp. and Horn Venture Partners, 407-362-2600 or 800-GRACE99/ (GRA) CO: Grave Ventures Partnerships II and III, Vical, Inc. ST: Florida, California IN: MTC CHM SU:
SS -- FL007 -- 1574 03/25/92 14:25 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 25, 1992|
|Previous Article:||CHECK EXPRESS REACHES AGREEMENT IN PRINCIPLE|
|Next Article:||USAIR TO PROVIDE ALL JET SERVICE FROM HUNTSVILLE TO CHARLOTTE|