Proteolix Raises $79 Million in Series C... ( Funds to Support Clinical...)

Proteolix Raises $79 Million in Series C Financing

Date:9/8/2008

Funds to Support Clinical Development of Carfilzomib

Paul Hastings Appointed to Board of Directors

SOUTH SAN FRANCISCO, Calif., Sept. 8 /PRNewswire/ -- Proteolix, Inc., a leader in the discovery and development of novel therapeutics that target protein degradation pathways in cancer and autoimmune diseases, today announced the successful completion of a new financing round of $79 million. The Series C round was led by new investor Nomura Phase4 Ventures. New investor Westfield Capital Management and existing investors, Advanced Technology Ventures, Delphi Ventures, Latterell Venture Partners, U.S. Venture Partners and The Vertical Group, all participated in the financing.

Proceeds from the financing will primarily support the completion of the company's ongoing Phase 2 clinical trials of carfilzomib, and the advancement of this anti-cancer therapeutic into Phase 3 clinical trials for the treatment of multiple myeloma. Proteolix will also use the funds to advance candidates in the company's earlier stage pipeline of proteasome inhibitors.

"We are pleased to have completed this significant financing with participation from such highly-regarded new and existing investors," said Susan Molineaux, Ph.D., Proteolix's Chief Executive Officer. "Our lead candidate, carfilzomib, has demonstrated promising results in clinical and preclinical studies in multiple myeloma and a variety of other tumor types. Proceeds from this financing will enable us to advance carfilzomib to registration studies for multiple myeloma while continuing to cultivate select early-stage assets in our pipeline."

"We have been impressed by Proteolix's team, pipeline and proprietary expertise in the area of proteasome drug discovery and development. In particular, carfilzomib has been designed to be a highly selective candidate against a validated target and has demonstrated promising clinical data in hematologic malignancies," said Denise Pollar
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Proteolix Raises $79 Million in Series C...( Funds to Support Clinical...)