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Aires Pharmaceuticals, Inc. Completes $20M Equity Financing and Signs an Option Agreement with a Major Pharmaceutical Company
Date:11/11/2010

SAN DIEGO, Nov. 11, 2010 /PRNewswire/ -- Aires Pharmaceuticals, Inc., announced today that it has successfully completed a $20 million Series B equity financing, led by MPM Capital on behalf of the MPM Bio IV NVS Strategic Fund L.P.  Additionally, Aires further bolstered its cash reserves by entering into an agreement with Novartis International Pharmaceutical Limited whereby Novartis has been granted an exclusive option to acquire Aires following the successful completion of a Phase 2 clinical study of Aironite™ to treat pulmonary arterial hypertension.  The agreement also includes a right to an exclusive worldwide license under pre-agreed conditions.  Including the initial acquisition payment plus potential additional regulatory and sales milestone payments, the deal with Novartis could reach $250 million.

The Series B financing includes new investor MPM Capital and the existing investor, ProQuest Investments.  Dr. William Greene, Managing Director of MPM Capital, will join Aires' Board of Directors.

"ProQuest Investments created Aires and has been a dedicated backer of the company since inception.  We are pleased that MPM and ProQuest will support the company, and along with Novartis share our enthusiasm for the potential of Aironite to help patients with pulmonary arterial hypertension," said Wendy Johnson, Founder, President and CEO of Aires.  The current financing will be sufficient to complete the planned clinical development program.

William Greene, M.D., Managing Director at MPM Capital, said, "We at MPM are excited about the potential of Aironite to impact the lives of pulmonary arterial hypertension patients and look forward to working with Aires in developing this novel approach to a devastating disease."

About Aironite™  

Aironite™ is an inhaled nitric oxide prodrug that has been shown in animal models to cause vasodilatation as well as potentially preven
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SOURCE Aires Pharmaceuticals, Inc.
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