Healthcare Industry News: biosimilar
News Release - May 24, 2007
BaroFold to Raise $12 Million in Private PlacementBOULDER, Colo.--(HSMN NewsFeed)--BaroFold, Inc., a bio-therapeutics company focused on developing and commercializing improved protein therapeutics based on its proprietary PreEMT(TM) technology, announced today that the Company is raising $12 million through the private placement of Series A Preferred Stock. The financing is being co-led by institutional investors HBM BioVentures (Cayman) Ltd and Boulder Ventures Ltd., and will include additional investments from the Peierls Foundation and other seed round investors.
"We are gratified by the support and confidence our investors have expressed in BaroFold and our development programs through their participation in this financing," said Kyle Lefkoff, Chairman of the Board of BaroFold, Inc. and Managing Member with Boulder Ventures. "Proceeds from this financing will fund additional development of BaroFold's therapeutics pipeline, including a proprietary product candidate being developed for the treatment of multiple sclerosis, BaroFeron(TM)."
"We are pleased to be involved with BaroFold, a company that we believe has significant potential and excellent management," commented Dr. Ulrich Geilinger, Board Member of HBM Partners. "BaroFold's PreEMT technology has the potential to address large, established markets with an identified need for improved novel proteins and biosimilars. We look forward to supporting the company's growth and development."
BaroFold's current revenues are generated from selective licensing of its PreEMT(TM) technology to other drug development companies on a protein specific basis. The Company currently has partnerships with companies such as Genentech, Pfizer and others. These partnerships focus on improving the safety, efficacy, manufacturability or delivery profiles of monoclonal antibodies or protein therapeutics. For example, BaroFold's IP may enable life-cycle extensions of existing biological drugs by creating improved, proprietary follow-on compounds.
This release is for informational purposes only and it does not constitute an offer to sell or the solicitation of an offer to buy any of the securities nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such state.
BaroFold is a bio-therapeutics company focused on developing and commercializing improved protein therapeutics based on its proprietary PreEMT(TM) technology. The PreEMT(TM) technology is intended to enable improved, safer, proprietary protein therapeutics, provide product life-cycle extensions and creating new protein therapeutics through the use of a patented protein refolding technology. PreEMT(TM) involves the use of high hydrostatic pressure to disaggregate and refold proteins. The protein production process incorporating high pressure can result in significant final product manufacturing savings per dose compared to conventional methods, while potentially providing the patentable basis for a safer drug with fewer aggregates in the product formulation. The method is simple, reliable, and capable of operating on an industrial scale. BaroFold is currently developing its own proprietary protein therapeutic portfolio. In addition to advancing its own proprietary therapeutics, BaroFold is also developing select improved protein therapeutics in partnerships with other biotechnology and pharmaceutical companies. For additional information about the company, please visit www.barofold.com.
About HBM BioVentures
HBM BioVentures invests in private and small-cap public companies in the pharma, biotechnology and medical technology sectors worldwide. With net assets of $950 million, HBM BioVentures has holdings in over 50 life sciences companies in North America, Western Europe, India and China. For more information about HBM BioVentures please visit www.hbmbioventures.com.
About Boulder Ventures
Boulder Ventures, Ltd. manages over $250 million in venture capital partnerships, making equity investments in start-up, early stage and emerging growth companies. Boulder Ventures invests in enterprise software, storage and storage networking, communications infrastructure and services, and life sciences products and tools. Boulder Ventures has offices in Owings Mills, MD and Boulder, CO.
This press release contains forward-looking statements that involve risks and uncertainties, including statements relating to initiation and progress of the Company's clinical trial programs. Actual results could differ materially from those projected and the Company cautions investors not to place undue reliance on the forward-looking statements contained in this release.
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