SAN DIEGO, Jan. 22 /PRNewswire/ -- Axikin Pharmaceuticals, Inc., a startup company dedicated to developing and commercializing small molecule therapeutics for respiratory and inflammatory diseases, today announced a $3 million private placement of its Series A stock. The financing was led by Sanderling Ventures of San Mateo, California. Additional investors include Mitsui & Co. Venture Partners of New York.
Axikin Pharmaceuticals, Inc., was formed as a spin-out from Actimis Pharmaceuticals, Inc., (www.actimis.com) following the acquisition of Actimis' lead program by Boehringer Ingelheim in a structured buyout in June 2008. Axikin's pipeline includes an advanced pre-clinical program with multiple highly optimized small-molecule lead candidates, as well as two additional novel target research programs. These programs are expected to have broad applications across respiratory and allergic diseases including asthma, allergic rhinitis and chronic obstructive pulmonary disease (COPD) with, potentially, broader applications in inflammation, autoimmunity, oncology and cardiovascular disease.
"The establishment of Axikin Pharmaceuticals, Inc., and the additional funding we have received to progress these assets, allows us to hit the ground running and provide significant continuity in the quest to bring our lead candidates to the clinic," said Kevin B. Bacon, Ph.D., founder, President and Chief Scientific Officer of Axikin, and original founder of Actimis. "Building on our excellent relationship with our prior investor partners, and retaining the same team of highly-dedicated scientists greatly facilitates our goal of filing an investigational new drug application (IND) for our lead program in the very near future."
"The investors are delighted to be backing the same proven team again in this new spin-out Company," said Peter C. M. McWilliams, Ph.D., Chairm
|SOURCE Axikin Pharmaceuticals, Inc.|
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