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LigoCyte Pharmaceuticals Finalizes Agreement for $28M Series 'C' Financing Round
Date:3/18/2008

BOZEMAN, Mont., March 18 /PRNewswire/ -- LigoCyte Pharmaceuticals, Inc., a vaccine company in Bozeman, Montana, announced that the company has successfully finalized an agreement for a $28 million venture capital financing round to further clinical development of its two lead vaccines against norovirus and influenza.

The private equity investment is being led by Forward Ventures, JAFCO, and Novartis Venture Fund with significant participation from Fidelity Biosciences and MedImmune Ventures. Additional investors include Athenian Venture Partners and MC Life Sciences Ventures (Mitsubishi International Corporation). Seaview Securities serves as the placement agent for the transaction.

LigoCyte, which develops products based on its virus-like particle (VLP) and monoclonal antibody technologies, has focused efforts on vaccines for important gastrointestinal and respiratory markets. Recent advances by the company of its VLP vaccines for norovirus and influenza propelled the current investment. In particular, the company is currently completing a Phase I clinical study of the norovirus vaccine and plans to commence a live-virus challenge study in human volunteers.

Norovirus is the leading cause of infectious gastroenteritis in the United States and other developed countries. Norovirus outbreaks are becoming increasingly recognized as an important contributor to morbidity and mortality in vulnerable populations, particularly in pediatric and geriatric subjects. Recent progress in detection and surveillance has increased awareness of norovirus in the health care community, and epidemic outbreaks in hospitals, nursing homes and schools highlight the significance of the medical need for a safe and effective vaccine.

In addition to the norovirus vaccine program, LigoCyte has developed an influenza VLP vaccine that has demonstrated significant cross-protection against lethal influenza challenge in the industry standard model of vaccine perform
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SOURCE LigoCyte Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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