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Private Biotech Raises $35 Million
2002-08-12 admin
Nobex Corporation announced today that it has completed a $35 million equity financing through a private placement of Series F preferred stock. The round was led by AEA Investors of New York and attracted new investors EndPoint Late Stage Fund I, L.P. (New York), HealthCap, and a group of Taiwan-based venture capital firms. Nobex will use the funds to accelerate clinical and pre-clinical projects.
Michael J. Berendt, Ph.D., Managing Director of AEA Investors, Michael K. Hsu, General Partner of EndPoint Merchant Group and Charles A. Sanders, M.D., formerly Chairman and CEO of Glaxo Inc join the Board of Directors.
Nobex Corporation is a privately held, drug delivery company that specialises in medicinal chemistry applied to optimising the delivery of therapeutic drugs. The focus of Nobex is to enable the oral delivery of drugs currently delivered only by injection. The company currently has two products in clinical trials, oral insulin for diabetes and oral calcitonin (Oratonin) for osteoporosis.
A third product, Apaza for inflammatory bowel disease, is expected to enter clinical study in 2003. Nobex has several product and R&D alliances with U.S. and European pharmaceutical and biotechnology companies including GSK and Pharmacia.
Nobex also plans to expand an ongoing program to identify peptide hormones that are not marketed but have known roles in human disease and could be used as therapeutic drugs. Selected peptides, based on market potential and technical feasibility, will be developed as orally-available dosage forms.
www.nobexcorp.com
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