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 partner
|SOURCE Intellikine, Inc.|
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