Printer Friendly

PHARMACOPEIA RAISES $7 MILLION IN VENTURE CAPITAL TO DEVELOP NEW DRUG DISCOVERY TECHNOLOGY

 PRINCETON, N.J., Nov. 29 /PRNewswire/ -- Pharmacopeia, Inc., today announced it has completed a $7 million round of initial venture capital financing, funded by Avalon Ventures, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers. Pharmacopeia is developing a proprietary new technology for generating and screening vast libraries of new pharmaceutically relevant chemical compounds.
 Pharmacopeia is currently developing techniques for producing enormous pools of pharmaceutically relevant compounds for screening against biological targets. Scientists at the company can prepare a "library" of tens of millions of small molecule compounds and screen these compounds in just a few days using automated bioanalytical assays. The company has designed these large libraries around compounds with known pharmacological activity, as well as totally new chemical structures.
 Through its technology, Pharmacopeia will produce a steady stream of new leads for research programs. The company will also produce drug candidates for the prevention and therapy of major untreated human diseases, such as AIDS, cancer, diabetes, arthritis and tuberculosis.
 "This funding will allow Pharmacopeia to commercialize a novel drug discovery technology that will dramatically accelerate and reduce the cost of the search for new drugs," said Lawrence A. Bock, General Partner at Avalon Ventures and one of Pharmacopeia's founders. "The company's broadly applicable technology and sound business strategy have already attracted some of the biggest names in the drug discovery industry -- including Dr. John Chabala and Dr. John Baldwin -- to Pharmacopeia's management team."
 "Pharmacopeia is a giant step forward in the drug discovery process," said John C. Chabala, Ph.D., President and Chief Scientific Officer of Pharmacopeia. "Our ability to generate libraries of pharmaceutically relevant compounds, screen these libraries, and identify lead compounds ("hits") in days or weeks, rather than years, will revolutionize the drug industry."
 Dr. Chabala comes to Pharmacopeia from Bristol-Myers Squibb, where he was Vice President of Discovery Chemistry. He has managed more than 40 different drug research programs while at Bristol-Myers and during his previous position as Executive Director of Basic Chemistry at Merck & Co. Dr. Chabala received the Edison Award and Merck Directors' Award for the discovery of Merck's best selling veterinary drug, Ivomec(R).
 John J. Baldwin, Ph.D., an internationally renowned synthetic and medicinal chemist and former Merck Distinguished Senior Scientist, is Pharmacopeia's Vice President of Chemistry. Dr. Baldwin managed over a dozen drug chemistry programs during his 30 years at Merck. His work on Trusop(R), a highly novel agent for the prevention of glaucoma, is widely recognized as one of the finest examples of rational drug optimization.
 Pharmacopeia's technology is based upon pioneering research on diverse chemical libraries performed by W. Clark Still, Ph.D, of Columbia University; Michael H. Wigler, Ph.D., of Cold Spring Harbor Laboratories; and Paul Bartlett, Ph.D., of the University of California, Berkeley. These founders serve on Pharmacopeia's founding scientific advisory board.
 The board of directors of Pharmacopeia includes Mr. Bock, Dr. Chabala, and Dr. Still. It also includes Brook Byers, Managing General Partner at Kleiner Perkins Caulfield & Byers; Samuel Colella, Managing General Partner at Institutional Venture Partners; and Michael J. DuBois, Vice President, Business Development and Licensing for Sandoz Pharmaceutical Corp.
 Pharmacopeia, based in Princeton, was formed in 1993 with a focus on novel, proprietary technology that permits the rapid synthesis, screening, and optimization of large numbers of potential drugs. This technology generates vast chemical libraries of compounds and automates bioanalytical screening, accelerating the drug discovery process and reducing its cost.
 -0- 11/29/93
 /CONTACT: John C. Chabala, Ph.D., President and Chief Scientific Officer of Pharmacopeia, Inc., 609-987-0700; Lawrence A. Bock, General Partner of Avalon Ventures, 619-454-3803, ext. 23; or Anthony J. Russo, Ph.D., of Noonan/Russo Communications, Inc., 212-696-4455, ext. 202/


CO: Pharmacopeia, Inc. ST: New Jersey IN: MTC SU:

MP-TW -- NY018 -- 8151 11/29/93 09:12 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 29, 1993
Words:630
Previous Article:CELEBRITY, INC. SIGNS LETTER OF INTENT TO ACQUIRE ALDIK ARTIFICIAL FLOWER CO., INC.
Next Article:MAGNA ANNOUNCES EUROPEAN ACQUISITION
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters