Healthcare Industry News: Vertex Pharmaceuticals
News Release - November 30, 2006
Concert Pharmaceuticals Raises $48.5 Million in Series B FinancingLEXINGTON, Mass.--(HSMN NewsFeed)--Concert Pharmaceuticals, Inc., a pharmaceutical company developing novel small molecule drugs for unmet medical needs, announced today that a group of prominent funds has invested $48.5 million in its Series B financing. The round was led by new investor Flagship Ventures and included Brookside Capital Partners Fund, LP and New Leaf Venture Partners. Also participating in the financing were all previous investors, including Three Arch Partners, TVM Capital, Skyline Ventures, Greylock Partners and QVT Fund LP.
"With this additional funding, and these premier new investors, we will be able to systematically exploit our proprietary technology and rapidly advance our diverse pipeline into clinical evaluation," said Roger Tung, Ph.D., CEO of Concert. "The enthusiasm of our new and existing investors in funding Concert at a significantly increased valuation is a strong endorsement of our unique approach to creating important new medicines for a broad range of medical conditions."
In conjunction with this transaction, Doug Cole, General Partner of Flagship Venture Partners will join Concert's Board of Directors. "Concert's technology represents a fundamental advance in the creation of new medicines and holds the promise of both greatly reducing R&D cycle times and enhancing the likelihood of successful clinical development," commented Dr. Cole. "The team has a proven track record of creating value in the biotechnology industry."
Richard Aldrich, Concert's Chairman and former CBO at Vertex, also commented, "This round of investment in Concert is recognition of both our pioneering approach to drug discovery and development and our team's pharmaceutical industry experience. I look forward to working closely with the team as we execute our strategy."
About Concert Pharmaceuticals
Concert Pharmaceuticals was co-founded in April 2006 by Roger Tung, Richard Aldrich and Christoph Westphal. Dr. Tung had previously served as Vice President of Drug Discovery at Vertex Pharmaceuticals, and is an inventor of Vertex's two marketed products. By applying insights derived from existing biologically active compounds, Concert aims to create proprietary and improved medicines while dramatically reducing R&D costs and increasing the probabilities of commercial success. www.concertpharma.com
About Flagship Ventures Flagship Ventures is an early-stage venture capital firm focused on creating, financing, and building innovative companies in the Life Science and Technology sectors. Headquartered in Cambridge, Mass., the firm was founded in 1999 and manages $700 million in capital and a portfolio of over 50 private companies. Prior to its founding, Flagship's principals were involved as founders or investors in over 100 startup ventures, including: Adolor, AltaVista, Anesta, Antigenics, Aspect Medical, Astral Point, Celera Genomics, ChemGenics Pharmaceuticals, Color Kinetics, Chantry Networks, Cytyc, DataSage, Exact Sciences, IDEXX, PerSeptive Biosystems, Somatogen, Telecorp PCS and TripAdvisor. For more information, visit http://www.flagshipventures.com
About NLV Partners New Leaf Venture (NLV) Partners is a life science-dedicated venture capital firm with offices in Menlo Park and New York. Founded by the former members of Sprout Group's Healthcare Technology venture team, NLV Partners invests primarily in companies focused on clinical-stage biopharmaceutical products, early-stage medical devices, and molecular diagnostics. In addition, the NLV Partners team continues to manage the existing $800 million healthcare technology portfolio of Sprout Group. www.nlvpartners.com
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.threearch.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'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
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.