Healthcare Industry News: Elusys Therapeutics
News Release - July 13, 2006
Elusys Therapeutics Completes $23 Million Series D Venture FinancingPlans to Accelerate Development of MRSA and HIV Drugs
PINE BROOK, N.J., July 13 (HSMN NewsFeed) -- Elusys Therapeutics Inc., a privately-held biopharmaceutical company focused on the development of targeted anti-infective therapeutics, today announced that it has raised USD $11 million in an extension of its Series D financing round, bringing the total of the round to USD $23 million. As part of this extension, MedImmune Ventures, Inc. joined current investors including Essex Woodlands Health Ventures LLC, Crescendo Ventures and Invesco Private Capital.
Elizabeth Posillico, Ph.D., President & CEO of Elusys Therapeutics commented on the announcement, "Elusys is very pleased to welcome MedImmune Ventures to our investor group. This new venture funding will accelerate the development of our HP Antibody pipeline targeting drug resistant infections. Our lead HP Antibody candidate, ETI-211, targets methicillin-resistant Staphylococcus aureus (MRSA) infections and has shown significant in-vivo efficacy. An IND for this candidate is scheduled to be filed in 2007. Further, we will continue to advance development of additional HP Antibody candidates, including an HIV drug designed to target and clear HIV virus from circulation."
In April 2006, Elusys announced that it entered into an exclusive licensing and collaboration agreement with MedImmune, Inc. to develop new therapeutics using Elusys' proprietary Heteropolymer Antibodies. Under this agreement, the companies will collaborate on certain targets of specific interest to MedImmune, excluding ETI-211 for MRSA and clinical candidates for HIV.
About HP Antibody Drugs
Heteropolymer (HP) Antibodies represent a new approach for the treatment of antibiotic resistant infections, distinct from traditional antibody therapy. HP Antibodies utilize natural immune system mechanisms to clear pathogens and provide a means to develop novel drug candidates targeted against bacterial, viral and fungal infections. By targeting a unique immune receptor (CR1), HP Antibodies enhance a natural clearance mechanism and direct the rapid removal of pathogens from the circulation through tissue macrophages. An animation of this unique technology is provided via this link: http://www.elusys.com/technology_hp_animation.php
ETI-211 is a proprietary HP Antibody drug being developed to treat methicillin-resistant Staphylococcus aureus (MRSA) infections. In previously reported studies, mice given ETI-211 prophylactically were completely protected against a lethal MRSA challenge. Further, all ETI-211 treated animals survived a second lethal challenge of either MRSA or S. epidermidis months later with no additional drug treatment.
This broad "vaccine-like" protection was found to be due, in large part, to the production of significant levels of antibodies that recognize S. aureus, and S. epidermidis, as a result of ETI-211 treatment during the first infection.
Elusys is a privately-held biopharmaceutical company focused on the development of targeted anti-infective therapeutics using its proprietary HP Antibodies for the treatment of infectious disease. For more information please visit http://www.elusys.com/
Source: Elusys Therapeutics
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