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InfaCare Pharmaceutical Corporation Raises $28 Million in Series B Financing to Advance Its Neonatal Pipeline
Date:10/27/2008

TREVOSE, Pa., Oct. 27 /PRNewswire/ -- InfaCare Pharmaceutical Corporation, a late stage specialty pharmaceutical company focused on the development of products to treat neonatal diseases, today announced a $28 million private placement of its Series B Preferred Stock. New investor, HealthCare Ventures, led the round and Harold Werner, a partner with HCVEN, will join InfaCare's board of directors. Additional funding came from new investor Longitude Capital. Patrick Enright, a partner with Longitude and a current InfaCare board member, will represent the fund. All current preferred stock investors, including FirstMark Capital and Atlas Venture, also participated in the financing.

"We are very excited to have such strong financial backing from this outstanding group of both new and existing investors, whose participation in this round further validates our business strategy and the value of our lead drug candidate," said Dan Burns, President and Chief Executive Officer. "We expect the proceeds of this financing to provide the capital necessary to achieve value creating milestones for the company, including phase IIb results for our lead product."

InfaCare's lead compound, Stanate(R) for the treatment of neonatal hyperbilirubinemia, is expected to enter a pivotal phase III trial in 2009. Stanate is the only pharmacological agent, currently in development, designed to prevent bilirubin from reaching toxic levels in hemolyzing neonates, thus reducing or eliminating the risk of the devastating neurological outcomes associated with uncontrolled hyperbilirubinemia. Over 1,200 neonates have been treated with Stanate in a number of clinical trials to date.

About InfaCare Pharmaceutical Corporation

InfaCare Pharmaceutical Corp. is a Pennsylvania based specialty pharmaceutical company dedicated to developing and commercializing therapeutics to treat neonatal diseases. Stanate, InfaCare's lead product is a Heme Oxygenase Inhibitor designed to re
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SOURCE InfaCare Pharmaceutical Corporation
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