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Transave, Inc. Secures $12.5 Million in New Financing
Date:10/2/2008

STRENGTH OF PHASE II DATA FOR LEAD DRUG CANDIDATE ARIKACE(TM) DRIVES CONTINUED CLINICAL EXPANSION

MONMOUTH JUNCTION, N.J., Oct. 2 /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 secured a $12.5 million venture loan from CIT Healthcare and Compass Horizon Funding Company LLC, an affiliate of Horizon Technology Finance Management LLC.

In June, Transave, Inc. reported positive Phase II data on Arikace(TM) (liposomal amikacin for inhalation) from a randomized, placebo-controlled, 15-center study conducted in Europe. The study demonstrated that Arikace, delivered once daily for 28 consecutive days using a novel inhalation device, an Investigational eFlow(R) Nebulizer System (PARI Pharma GmbH), produced a significant improvement in lung function, was well-tolerated, and had a side-effect profile comparable to placebo in the treatment of Pseudomonas aeruginosa, a lung infection common in cystic fibrosis (CF) patients. The improvement in lung function was dose-dependent and was sustained at 28 days after completion of dosing, which was day 56 of the study. The data were presented at the European Cystic Fibrosis Society Conference in Prague, Czech Republic. Cystic Fibrosis Foundation Therapeutics, the nonprofit affiliate of the Cystic Fibrosis Foundation, provided a $1.7 million award to support the development of Arikace. The Foundation is the leading organization devoted to curing and controlling cystic fibrosis.

"Our ability to close this financing in a difficult financial services environment speaks to the commitments and deep industry experience of CIT Healthcare-Life Sciences and Horizon. The potential benefits this drug may hold for patients -- as demonstrated in the recently completed Phase II study -- is very promising," said Chris Morell, senior vice president and director, of CIT Heal
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SOURCE Transave, Inc.
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