Healthcare Industry News: Amgen
News Release - January 3, 2008
Calistoga Pharmaceuticals Announces Completion of Its Series A Financing -- Investors Increased Funding by 25% to Total $26.2 MillionCompany Resources Sufficient to Take Multiple Therapeutic Development Programs in Oncology and Inflammatory Diseases Into the Clinic in 2008
SEATTLE, WA--(Healthcare Sales & Marketing Network)--Jan 3, 2008 -- Calistoga Pharmaceuticals, Inc., a biopharmaceutical company dedicated to developing innovative medicines for the treatment of cancer and inflammatory diseases, announced a modification of the Series A financing totaling $26.2 million capital raised. Current investors agreed to increase the size of the Series A investment from $21 million to $26.2 million, and accelerate the timing of funding, based on the Company's success in moving two compounds toward the clinic. The early infusion of additional resources provides the means to accelerate and expand the Company's clinical development plan in 2008.
"This financing puts us in a solid financial position to execute on our strategic clinical development plan," said Daryl Winter, Ph.D., J.D., Chief Operating Officer for Calistoga Pharmaceuticals. "This additional funding provides us the resources to advance two new chemical entities (NCE's) into as many as four clinical trials in multiple indications for hematological malignancies and inflammatory diseases."
Calistoga Pharmaceuticals is developing innovative therapies for cancer and a variety of immune disorders, including allergies and inflammatory conditions. Its current focus is on the development of small molecule inhibitors of a critical intracellular signaling component known as phosphoinositide-3 kinase (PI3K). The PI3K pathway stimulates numerous processes that promote cell proliferation, growth, motility, metabolism and survival. While these processes are important for the health of normal cells, inappropriate activation contributes to the development and progression of cancer and immune disorders.
"We believe the field of PI3K-targeted therapies holds great promise and we are establishing a differentiating position in the field by focusing on inhibiting particular isoforms of the PI3K family of proteins, especially the delta isoform," said W. Michael Gallatin, Ph.D., President of Calistoga Pharmaceuticals. "Unlike most of the other isoforms of PI3K, the delta isoform is expressed primarily in hematopoietic or blood-cell lineages, including cells that are involved in hematologic malignancies, inflammation, autoimmune diseases and allergies. Our development focus is on specific inhibitors of the isoforms of PI3K that are expressed in cells of hematopoietic origin that are expected to have therapeutic effects in these diseases, without inhibiting PI3K signaling critical to the normal function of healthy cells."
About Calistoga Pharmaceuticals
Calistoga Pharmaceuticals is a biopharmaceutical company developing multiple compounds selectively targeting the PI3K pathway, a pathway known to be involved in certain cancers and inflammatory diseases. Calistoga Pharmaceuticals was founded by Frazier Healthcare Ventures in 2006 as a spin out of the PI3K inhibitor drug development program from the ICOS Corporation. The Company has raised more than $26 million from high-quality venture investors in life sciences including Frazier Healthcare Ventures, Alta Partners, Three Arch Partners and Amgen Ventures. Lilly Ventures also has an equity position in the Company. Calistoga Pharmaceuticals is a privately held organization headquartered in Seattle, Washington. For more information about Calistoga Pharmaceuticals, visit the Company's website at: www.calistogapharma.com.
Source: Calistoga Pharmaceuticals
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