Healthcare Industry News: Edison Pharmaceuticals
News Release - August 2, 2007
Edison Pharmaceuticals Closes Series B FinancingAccelerates Growth of Mitochondrial Medicines Company
SAN JOSE, Calif., Aug. 2 (HSMN NewsFeed) -- Edison Pharmaceuticals, Inc., a privately held biotechnology company located in San Jose, CA, announced today, the close of $4.25M Series B Preferred Stock Offering. The financing was led by Mr. Carl Berg, Berg & Berg Enterprises, LLC. New investors include John W. Marriott, III, President and CEO of JWM, LP, and JWM Family Enterprises. Terms of the financing were not disclosed.
Edison's initial clinical focus is inherited mitochondrial diseases. These indications represent an attractive therapeutic starting point given the orphan nature of the clinical populations and applicability of Edison's redox drugs to these conditions. "With a strong balance sheet, development partners, and technology alliances in place, Edison is well positioned to execute on its plan," stated Guy Miller, MD, PhD, Chairman and CEO of Edison Pharmaceuticals. "Capital derived from this financing will allow us to broaden our orphan mitochondrial drug mission, and explore utility in non-orphan ischemic, inflammatory, metabolic and neurodegenerative diseases where the role of redox therapeutics and mitochondrial mechanisms are suggested, but not yet successfully reduced to practice."
Capital raised from the Series B financing will be used to expedite the translation of three pre-clinical compounds into development. Edison anticipates, through its recently announced partnership with Penwest Pharmaceuticals, that Penwest will advance its first drug candidate, EPI-A0001, into clinical development in early 2008. Additional late stage pre-clinical compounds are anticipated to enter development for orphan inherited mitochondrial diseases in 2008 and 2009.
While antioxidants have been recognized for their generalized health and anti-aging benefits, there has been an inability to translate this important class of compounds to effective drugs. Edison is addressing this need by reverse-engineering antioxidants to improve upon their redox and pharmacological properties. Edison's first clinical development effort has centered on the coenzyme Q10 chemical template, given its pivotal role in mitochondrial function and clinical data suggesting utility in multiple mitochondrial diseases. The company is advancing additional redox-templates through its discovery pipeline.
About Edison Pharmaceuticals
Edison Pharmaceuticals, Inc., a privately held biotechnology company, based in Silicon Valley at the San Jose BioCenter, is focused on drugs targeting the mitochondria -- the cell's energy center. Edison's technology platform consists of a specialized knowledge in redox therapeutics and translational pharmacology, pivotal to targeting cellular energy metabolism. The Company's initial focus is on inherited diseases of the mitochondrial respiratory chain, and leveraging insights derived therein, to pursue non-orphan diseases that share common mechanisms. Edison has obtained substantial peer-reviewed grants from multiple foundations and the NIH.
Source: Edison Pharmaceuticals
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