Healthcare Industry News: Centros
News Release - October 9, 2007
Metastatix Closes $35 Million Series B FinancingProceeds to Advance Clinical Trials for Cancer Drug
ATLANTA--(HSMN NewsFeed)--Metastatix, Inc., an emerging pharmaceutical company focused on the development of small molecule therapeutics, announced today it has secured $35 million in Series B financing. The new round of funding primarily will be used to conduct clinical trials of the company's lead candidate, MSX-122, in cancer patients and to advance the company's development programs in inflammation and HIV infection.
Leading this Series B financing is Frazier Healthcare Ventures, one of the nation's leading providers of venture and growth equity capital to emerging healthcare companies. In this round of financing, Frazier Healthcare is joined by existing Metastatix investors, including H.I.G. Ventures, The Aurora Funds, CM Capital, SR One, MedImmune Ventures, Georgia Venture Partners, Centrosome Ventures and the State of Georgia. As a result of this financing, James N. Topper, M.D., Ph.D., General Partner of Frazier Healthcare Ventures, will join the Metastatix Board of Directors.
"We have been extremely impressed by the caliber of the programs and the team at Metastatix. We are pleased to have led this round, which will provide the capital to transition Metastatix to a clinical-stage pharmaceutical company, with several compelling programs in cancer, infectious disease, and inflammation," states Dr. Topper of Frazier Healthcare.
"We are both pleased and fortunate to have such a strong group of investors," said Tony Shuker, Ph.D., President and Chief Executive Officer of Metastatix. "It is very gratifying to retain the investors who have been with us since our start-up two years ago, as well as those that participated in our Series A financing round. They have proven their value time and again with insight and advice. To have an industry leader like Frazier Healthcare take the lead in this Series B round confirms that the therapeutics we are developing satisfy unmet medical needs and have a high potential value. Dr. Topper will bring a wealth of experience and knowledge to our operations and we look forward to his strong leadership helping Metastatix to achieve its goals."
"Metastatix has made tremendous progress in a short period of time and we are very pleased to welcome Dr. Topper to the board," said Dr. Bruce Robertson, Chairman of the Board for Metastatix and H.I.G. Ventures Managing Director. "This financing will enable us to take the company to the next level in clinical trials in the novel area of CXCR4 inhibition."
Using technology licensed from Emory University, combined with world-class expertise in medicinal chemistry, Metastatix is developing a robust portfolio of chemical compounds that block the CXCR4 receptor. These compounds have shown efficacy in validated pre-clinical models of cancer, inflammation, and T-tropic HIV infection. This groundbreaking technology was developed by Emory chemist, Dr. Dennis Liotta, one of the foremost experts in small-molecule drug design.
MSX-122 is a potent inhibitor of the chemokine receptor CXCR4, which is activated by stromal derived factor-1 (SDF-1). The interaction between SDF-1 and CXCR4 has been shown to promote chemotaxis and angiogenesis in multiple cancer cell types. In preclinical studies, MSX-122 has displayed a favorable pharmacodynamic and safety profile while inhibiting the function of CXCR4, thus affecting downstream cellular events.
About Frazier Healthcare:
Founded in 1991 and with more than $1.2 billion of capital under management, Frazier Healthcare is one of the nation's leading providers of venture and growth equity capital to emerging healthcare companies. Having invested in more than 100 emerging healthcare companies, Frazier Healthcare is well known for its depth of experience and the technical expertise of its investment team. This experience encompasses product development and launch, clinical trial implementation and design, industry operating experience, academic research and clinical practice. For more information, please visit www.frazierhealthcare.com.
Metastatix develops orally administered small molecule drugs that are believed to be safe and effective, and which the company anticipates will address numerous severely debilitating and life-threatening diseases such as cancer, inflammation and HIV. By combining big company experience with entrepreneurial innovation, the privately held, Atlanta-based, emerging pharmaceutical company has created a portfolio of chemokine receptor inhibitors covered by multiple patents. For more information, please visit www.metastatix.com.
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