Healthcare Industry News: retinitis pigmentosa
News Release - November 16, 2006
Neurotech(TM), Inc. Completes $35 Million Private Equity FinancingLINCOLN, R.I., Nov. 16 (HSMN NewsFeed) -- Neurotech Pharmaceuticals, Inc., a biotechnology company specializing in the development of innovative sight-saving therapeutics for chronic retinal diseases, announced today that it has raised $35 million in a Series B private equity financing. The financing was led by Burrill and Company, with strong participation from Versant Ventures and SV Life Sciences. Other new investors include Omega Fund, Nexus Medical Partners and Pound Capital. Also participating in the round were the company's existing investors, including Apax Partners France, Merlin Biosciences, Atlas Venture, Mayflower, Avida Group and Alpha Associates.
As part of this financing, Bryant E. Fong of Burrill and Company, William J. Link, PhD of Versant Ventures and Lutz Giebel, PhD of SV Life Sciences, have agreed to join the Board of Directors of Neurotech along with Laurent Ganem, MD of Apax Partners, and Ted Danse, President and CEO.
This financing will enable Neurotech to obtain primary efficacy results for three important Phase II studies that the company is carrying out for its lead product, NT-501, involving its proprietary Encapsulated Cell Technology (ECT). These studies address atrophic macular degeneration (dry AMD), and early and late stage retinitis pigmentosa.
"Neurotech is extremely pleased to become associated with the distinguished professionals at Burrill, Versant and SV Life Sciences. We are now poised to elevate the company to the next stage of development as we drive NT-501 forward for various retinal indications," stated Ted Danse.
"This technology has the potential to provide breakthrough advances in the treatment of various retinal degenerative diseases that are truly unmet medical needs," stated Bryant Fong. "It is a very exciting time for Neurotech and its technology."
According to William Link, "Neurotech's ECT delivery technology is unique in the ophthalmic arena, has a strong intellectual property position with over 80 issued U.S. patents, and represents a platform to develop and deliver proteins to the back of the eye."
"We believe that the ECT technology and the seasoned biotech and ophthalmic team at Neurotech will enable real strides to be made in the development of biological treatments for a variety of serious retinal diseases," stated Lutz Giebel.
Neurotech is a privately-held biotechnology company dedicated to the development of sight-saving therapeutics for chronic retinal diseases. Retinal diseases represent significant unmet medical needs for which new medical therapies are the largest market opportunity in ophthalmology. Neurotech's lead product (NT-501) is in clinical development for the treatment of retinal degeneration, including retinitis pigmentosa, an inherited disease leading to blindness, and atrophic macular degeneration (dry AMD). Neurotech is also evaluating other factors that can be used with its proprietary delivery technology, Encapsulated Cell Technology (ECT), to treat additional retinal diseases. The company was founded in France as Neurotech S.A., and in June 2006 moved its legal domicile to Delaware, USA, to become more closely aligned with its research, development, manufacturing and business operations in Lincoln, Rhode Island.
To learn more about Neurotech, please visit our web site at http://www.neurotechusa.com.
About Burrill and Company
Burrill & Company is a life sciences merchant bank focused exclusively on companies involved in biotechnology, pharmaceuticals, diagnostics, devices, human healthcare and related medical technologies, health and wellness, agricultural biotechnology and industrial biotechnology. With over $700 million under management, Burrill's technical and venture investing competence spans the entire spectrum of life sciences. In addition, Burrill is a leader in life science strategic partnering, an invaluable practice to build value in portfolio companies and to accelerate their growth and development. Burrill is also the sponsor and facilitator of a number of leading annual industry conferences and publishes the seminal annual report on the state of the biotechnology industry. More information on Burrill & Company can be found at http://www.burrillandco.com.
About Versant Ventures
Versant Ventures is a leading healthcare venture capital firm specializing in early-stage investments in medical device, biotechnology, healthcare service and healthcare information technology companies. Since its inception in 1999, Versant has raised three funds totaling over $1 billion, funding more than 70 healthcare companies to date. More information on Versant Ventures can be found at http://www.versantventures.com.
About SV Life Sciences
SV Life Sciences is a venture capital fund providing financing to businesses at all stages of development across the human life sciences sector, including biotechnology, pharmaceuticals, medical devices and instruments, and healthcare information technology and services. SV Life Sciences currently manages or advises five funds with capital commitments of approximately $1.2 billion. More information on SV Life Sciences can be found at http://www.svlifesciences.com.
Source: Neurotech Pharmaceuticals
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