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Aragon Pharmaceuticals Secures $42 Million in Series C Financing to Advance Pipeline of Therapies Targeting Hormone-Driven Cancers
Date:3/6/2012

SAN DIEGO, March 6, 2012 /PRNewswire/ -- Aragon Pharmaceuticals today announced that the company has secured $42 million in an oversubscribed Series C financing to advance Aragon's pipeline of therapies targeting hormone-driven cancers, including ARN-509, the company's lead compound for the treatment of castration-resistant prostate cancer (CRPC).

The company also announced data from the Phase I portion of an open-label, dose-escalating, Phase I/II clinical trial showing that ARN-509 was safe and well tolerated in patients with progressive metastatic CRPC and that ARN-509 demonstrated promising preliminary antitumor activity. Using prostate-specific antigen (PSA) analysis, investigators observed durable declines in levels of PSA in patients treated at all dose levels of ARN-509. The data were presented last month at the 2012 American Society for Clinical Oncology Genitourinary Cancers Symposium.  Furthermore, enrollment in the Phase II portion of the study has been completed with clinical data anticipated later this year. The financing is led by a new investor, the Topspin Fund, an investment group of James Simons, Leo A. Guthart and Steve Winick, and includes the participation of existing investors Aisling Capital, OrbiMed Advisors and The Column Group. The financing brings the total amount of capital raised to $72 million since the company's founding in 2009.

"This $42 million round of financing puts Aragon on strong footing to execute on its promising pipeline in prostate cancer and breast cancer," said Richard A. Heyman, Ph.D., president and CEO of Aragon. "The addition of an investor like Topspin with a like-minded vision and considerable financial resources strategically provides Aragon with access to significant capital in the future. We are also tremendously
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