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Callidus Biopharma Announces $4.6 million in Series A Financing to Pursue Orphan Disease Therapies
Date:5/14/2013

DOYLESTOWN, Pa., May 14, 2013 /PRNewswire/ -- Callidus Biopharma, Inc., a development-stage biotechnology company focused on creating breakthrough biologic drugs for a range of orphan diseases, announced today that it has closed on $4.6 million in Series A financing led by two strategic investors.  The Company intends to use the proceeds to accelerate pre-clinical development of its drug discovery pipeline of therapies for lysosomal storage diseases (LSDs), including lead candidates in Pompe and Gaucher diseases as well as other IGF-2 related LSDs with no FDA-approved therapy currently available. Additionally, the company will use the funds to commercialize its related proprietary protein expression technology to increase dramatically the yields of secreted protein production processes crucial to biologics manufacture.

Dr. Hung Do , Chief Scientific Officer and Co-Founder of Callidus, said, "We are very pleased to raise this first external financing for Callidus. Having recently demonstrated in vivo proof of concept for our Pompe candidate, which is expected to be at least 5X more effective than current therapies due to better targeted delivery, we will now be working toward initiating clinical studies during 2014. Not only could this increase in effectiveness revolutionize the way these drugs are administered to patients, the Callidus technology has the added benefit of simplifying and increasing the reliability of the manufacturing process. We are also hopeful that we will be able to shorten dramatically the onerous dosing regimens associated with current enzyme replacement therapies, which often require infusion times as long as 8-14 hours for small children.

"In addition, we will be using our lysosomal storage disease drug-targeting platform to create additional enzyme replacement therapies for rare and ultra-rare diseases. Almost all therapies for LSDs can be targeted usin
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SOURCE Walter Greenblatt & Associates
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