FreshNews: TargeGen Closes Third Round of Financing
September 1, 2005
TargeGen, Inc., a biopharmaceutical company focusing on the development of small molecule kinase inhibitors for the treatment of edema and angiogenesis related diseases, today announced that the Company has successfully closed its third private venture round of financing.
The current round of financing was led by new investor BB BIOTECH VENTURES who was joined by H&Q Healthcare Capital Management. In conjunction with the financing, Dr. Juerg Eckhardt of BB BIOTECH VENTURES will be joining the TargeGen Board of Directors. "We are very pleased to be able to close another over-subscribed round of financing in the current financial climate and we are particularly pleased with the vote of confidence from very high quality new investors like BB BIOTECH VENTURES and H&Q Healthcare Capital Management as well as the continued support of all of our existing investors," stated Peter G. Ulrich, President, CEO and Co-Founder of TargeGen. Also participating in the current round of financing were existing investors Forward Ventures, Enterprise Partners, William Blair Capital Partners/Chicago Growth Partners, CDP Capital Technology Ventures/VantagePoint Venture Partners, China Development Industrial Bank, A.M. Pappas & Associates and other investors.
TargeGen has four internally discovered therapeutic compounds in various stages of development for the treatment of cardiovascular, eye disease and cancer. The most advanced of these is TG100-115, currently in Phase I/II clinical trials in heart attack patients. The Company is also developing TG100801 a preclinical, topical (eye drop), multi-target kinase inhibitor for the treatment of macular degeneration, diabetic macular edema and diabetic retinopathy. Additionally, TargeGen has two oncology focused compounds in preclinical testing.
About TargeGen, Inc.
TargeGen, Inc. is a privately held, vascular biology-focused biopharmaceutical company based in San Diego, CA. The Company, formed in 2001 by Dr. David A. Cheresh (UCSD) and Peter G. Ulrich, has raised more than $70M from venture capital sources to date.