MONMOUTH JUNCTION, N.J., March 31 /PRNewswire/ -- Transave, Inc., a biopharmaceutical company focused on developing innovative inhaled pharmaceuticals for the site-specific treatment of serious lung diseases today announced that it has raised an aggregate of $35 million pursuant to its recently completed preferred stock offering. Joining the Company's Board are Richard Kollender from Quaker BioVentures and Steve Kraus from Bessemer Venture Partners, the lead investors in the Series D financing. Also participating in the financing were TVM Capital, Prospect Venture Partners, Fidelity Biosciences, Forbion Capital Partners and Easton Capital, all having previously taken a leading investment role in Transave.
"Proceeds from the financing will enable Transave to deliver Phase II proof of concept data for our lead clinical compound, ARIKACE(TM) (liposomal amikacin for inhalation). We are on track to have Arikace Phase II clinical data in cystic fibrosis patients that have Pseudomonas lung infections this year. In addition, Phase II bronchiectasis data will be available in the first half of 2009," said Tim Whitten, President and Chief Executive Officer of Transave.
Tim Whitten further commented, "We extend a hearty welcome to our newest Board Members, Rich Kollender and Steve Kraus who will add further depth to our Board. It is gratifying to receive significant financial support, not only from our highly-regarded new investors, but also from our existing investors. The new funding serves to validate the great strides Transave is making in our clinical programs based on our once-daily, next-generation liposomal pulmonary delivery technology. And perhaps more importantly, this financing will allow us to continue our mission to help patients that have serious chronic pulmonary infections."
The securities sold in this private placement have not been registered
under the Securities Act of 1933, as amended, and may not be offered or
sold in the United
|SOURCE Transave, Inc.|
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