Healthcare Industry News: Vertex Pharmaceuticals
News Release - July 17, 2006
Concert Pharmaceuticals, Inc., a Small Molecule Pharmaceutical Company, Announces Financing of its Series A RoundBOSTON--(HSMN NewsFeed)--July 17, 2006--Concert Pharmaceuticals, Inc., a pharmaceutical company developing novel small molecule drugs for unmet medical needs, announced today that it has secured $10 million in Series A venture capital financing. The round was co-led by Three Arch Partners, TVM Capital, and Skyline Ventures, and included co-investors Greylock Partners and QVT Fund LP.
Concert utilizes advanced chemical methodology to rapidly create potent, bioavailable drug candidates. Concert's Board of Directors is chaired by Rich Aldrich, Chairman of RA Capital Management; and includes Wilf Jaeger, Partner and founder of Three Arch Partners; Stephen J. Hoffman, general partner of TVM Capital; John Freund, managing director and founder of Skyline Ventures; Christoph Westphal, CEO and vice-chairman of Sirtris Pharmaceuticals; and Roger Tung, President and CEO of Concert.
"We are very pleased to have gained the backing of these leading investors, which will enable Concert to rapidly deploy its proprietary technologies," stated Dr. Tung. "It is particularly gratifying to be able to work with a great, fully committed board under the chairmanship of Rich Aldrich, building on Rich's and my eleven year history together at Vertex Pharmaceuticals."
Dr. Jaeger commented: "Concert's unique approach to drug discovery offers an opportunity to quickly identify important new clinical agents and rapidly create value for our investors. We look forward to working with Concert's management team and our co-investors to create an outstanding new pharmaceutical company."
About Three Arch Partners
Three Arch Partners was formed in 1993 to provide young companies with access to relevant clinical and business resources, as well as capital. Three Arch has helped create, build and fund more than fifty important new healthcare companies. These companies have often become the clinical and market leaders in their respective fields, and have generated strong returns. http://www.threearchpartners.com.
About TVM Capital
TVM Capital, founded in 1983, is a transatlantic venture capital firm, with offices in Boston and Munich. Since inception TVM Capital has raised over $1.6 billion in six fund generations and has established itself as a leading technology investment group in the United States and Europe. TVM funds have made investments in more than 220 life sciences and information technology companies where innovation, effective management and sound financial backing have enormous impact on company growth. TVM's in-depth knowledge of the U.S. and European environments helps companies create businesses that enjoy access to science, management talent, distribution channels and capital on both sides of the Atlantic. More than 40 companies have gone public at European or US stock exchanges. Today, TVM Capital is actively invested in more than 60 companies. www.tvm-capital.com.
About Skyline Ventures
Skyline Ventures, formed in 1997, is a nationally-known firm that specializes in hands-on investing in healthcare companies. Skyline invests in outstanding companies in all sectors of the healthcare market, including biotechnology, small molecule and protein therapeutics, medical devices, consumables and equipment for life sciences research, and healthcare information technology. Most often they lead or co-lead a company's first institutional venture round, but occasionally have helped found or co-found a company, participated in a LBO or invested in a PIPE transaction. In 2005 Skyline raised Skyline IV, which has $200 million in committed capital, leading to a total of approximately $450 million under management. http://www.skylineventures.com/
About Greylock Partners
Greylock Partners's strategy is to partner with management in building companies that have the potential to become industry leaders. They prefer to build around an outstanding entrepreneurial leader or team with a powerful technology and market vision. Greylock tends to focus on capital-efficient businesses where high barriers to entry can be constructed, and works closely with the start-up team to build the organization. Greylock currently has committed capital in excess of $2 billion. www.greylock.com
Source: Concert Pharmaceuticals
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