CAMBRIDGE, Mass., Jan. 17 /PRNewswire/ -- Peptimmune, Inc., a privately held biotechnology company, announced that it has completed a first close of $8.2 million of a Series D preferred stock offering with its investor syndicate led by New Enterprise Associates, MPM Capital, Hunt Ventures L.P., Boston Medical Investors and Silicon Valley Bank Capital, as well as certain other investors, including its Chairman of the Board. The Company expects a second close in Q2/2008, which may involve an additional new investor. The proceeds of the financing are primarily being used to advance clinical development of Peptimmune's PI-2301 for the treatment of multiple sclerosis.
"We are pleased with the level of continuing support from our existing investors and the opportunity to expand our syndicate," stated Thomas P. Mathers, President and CEO. "The Series D investment will provide the necessary capital to complete two clinical trials by the end of 2008: the current single ascending dose in healthy volunteers and a multiple ascending dose in multiple sclerosis patients, expected to start in Q2/08. The completion of these two studies will offer proof of principal for PI-2301, which is a second generation copolymer targeted at treating patients with relapsing and remitting multiple sclerosis."
Financing Two Clinical Trials in Multiple Sclerosis
Peptimmune is currently completing its Phase I single ascending dose study for PI-2301, a double blind placebo controlled randomized study that involves 56 healthy male volunteers who will receive the drug in eight escalating dose cohorts. Following establishment of safety at potentially therapeutic doses, the Company will initiate its first repeat dose study in multiple sclerosis patients in Q2/2008, where it will explore safety, pharmacokinetics and pharmacodynamics over eight to twelve weeks of dosing.
PI-2301 is a second generation peptide copolymer from a similar
compound class as
|SOURCE Peptimmune, Inc.|
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