Navigation Links
Intellikine Completes $51 Million Financing
Date:7/8/2009

LA JOLLA, Calif., July 8 /PRNewswire/ -- Intellikine, Inc., a leader in the development of innovative, small molecule drugs for the treatment of cancer, inflammation and autoimmune diseases, announced today that it has raised $51 million in preferred stock financing. Novartis Bioventures Ltd. led the financing in which additional new investors U.S. Venture Partners, Biogen Idec and FinTech Global Capital participated. Markus Goebel, M.D., Ph.D., Managing Director of the Novartis Venture Funds, will join the company's board of directors.

The investment includes a $28.5 million first closing. In addition, the company can access up to another $22.5 million, subject to the performance of certain milestones, which, if triggered, will bring the total amount raised in this round to $51 million. This latest financing comes less than two years after the company was formed with an initial investment of $12.5 million from founding investors Abingworth, CMEA Capital and Sofinnova Ventures, all of whom participated in this latest financing.

Intellikine is developing a portfolio of isoform-selective inhibitors of the phosphatidyinositol-3-kinase (PI3K) pathway for the treatment of cancer, inflammation and autoimmune diseases. The company has discovered multiple classes of proprietary compounds that are potent, selective and druglike inhibitors of PI3K isoforms. The company's most advanced compound, INK128, a selective TORC1/2 inhibitor, has demonstrated efficacy in multiple models of cancer and is expected to enter Phase I clinical studies within twelve months.

"We are delighted to have generated such excitement among both new and existing investors," said Troy Wilson, Ph.D., J.D., President and Chief Executive Officer of Intellikine. "This financing gives us the resources necessary to advance our pipeline of PI3K/mTOR inhibitors into clinical development as well as significant flexibility to build strategic partnerships to deliver the best medicines for patients and the greatest value for our investors."

"Intellikine has rapidly assembled one of the best pipelines against a very important class of drug targets," commented Markus Goebel, Managing Director, Novartis Venture Funds. "I am very much looking forward to working with the management team and board to build the company and, in particular, to establish clinical proof of concept for the company's lead programs."

About Intellikine

Intellikine is a leader in the discovery and development of novel, small molecule therapies targeting the PI3K/mTOR pathway for the treatment of cancer, inflammation and autoimmune diseases. Intellikine has discovered multiple classes of proprietary compounds that selectively target isoforms of the PI3K pathway. The company's most advanced compound, INK128, a potent and selective TORC1/2 inhibitor with exceptional drug-like properties is scheduled to enter Phase I clinical evaluation within 12 months. Intellikine is developing PI3K-delta/gamma dual-selective inhibitors for the treatment of cancer, inflammatory and respiratory diseases and PI3K-alpha/beta selective inhibitors for the treatment of solid tumor malignancies as well as other isoform-selective inhibitors of the PI3K/mTOR pathway. Intellikine is a private company based in La Jolla, California. For more information, please visit the company's website at www.intellikine.com.


'/>"/>
SOURCE Intellikine, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Funxional Successfully Completes Initial Clinical Trial of FX125L, an Anti-Inflammatory Drug With a Novel Mechanism of Action
2. Verenium Completes Amendment to 8% Senior Convertible Notes
3. Johnson & Johnson Completes Initial Tender Offer for Cougar Biotechnology
4. Oncolytics Biotech(R) Inc. Completes Patient Enrolment in U.K. Combination REOLYSIN(R) and Paclitaxel/Carboplatin Head and Neck Cancer Trial
5. Excalibur International Marine (49% Owned by EFT BioTech Holdings) Completes Inaugural Passenger Crossing of Taiwan Strait
6. EFT BioTech Holdings, Inc.s Sea Vessel Completes Inaugural Passenger Voyage Across the Taiwan Strait
7. Yaupon Therapeutics Completes Patient Enrollment for Pivotal Phase 2 Study of Clearazide for Treatment of Cutaneous T-cell Lymphoma
8. Cordex Completes Production of ATPace(TM) Clinical Trial Material
9. OncoGenex Pharmaceuticals Completes Amendment to Phase 3 Special Protocol Assessment for Confirming Survival Benefit in Patients Receiving OGX-011 with First-Line Docetaxel for Metastatic Prostate Cancer
10. Brooks Instrument Completes Acquisition of Celerity's Instrumentation Division
11. Sinovac Completes Construction of H1N1 Virus Seed Bank
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/10/2017)... (PRWEB) , ... October 10, 2017 , ... Dr. Bob ... at his local San Diego Rotary Club. The event entitled “Stem ... CA and had 300+ attendees. Dr. Harman, DVM, MPVM was joined by two ...
(Date:10/10/2017)... , Oct. 10, 2017 SomaGenics announced ... the NIH to develop RealSeq®-SC (Single Cell), expected to ... profiling small RNAs (including microRNAs) from single cells using ... highlights the need to accelerate development of approaches to ... "New techniques for measuring levels of ...
(Date:10/10/2017)... ... October 10, 2017 , ... The Pittcon Program Committee is ... honoring scientists who have made outstanding contributions to analytical chemistry and applied spectroscopy. ... world’s leading conference and exposition for laboratory science, which will be held February ...
(Date:10/9/2017)... , ... October 09, 2017 , ... The award-winning American ... broadcast first quarter 2018. American Farmer airs Tuesdays at 8:30aET on RFD-TV. , ... faced with the challenge of how to continue to feed a growing nation. At ...
Breaking Biology Technology:
(Date:3/29/2017)... 2017  higi, the health IT company that operates ... America , today announced a Series B investment ... EveryMove. The new investment and acquisition accelerates higi,s strategy ... transform population health activities through the collection and workflow ... higi collects and secures data today on behalf of ...
(Date:3/27/2017)... ROCKVILLE CENTRE, N.Y. , March 27, 2017 ... by Healthcare Information and Management Systems Society (HIMSS) ... Analytics Outpatient EMR Adoption Model sm . In ... top 12% of U.S. hospitals using an electronic ... recognized CHS for its high level of EMR ...
(Date:3/24/2017)... DUBLIN , Mar 24, 2017 Research ... Vehicle Access System Market Analysis & Trends - Industry Forecast to ... ... poised to grow at a CAGR of around 15.1% over the ... This industry report analyzes the market estimates and forecasts for ...
Breaking Biology News(10 mins):