Healthcare Industry News: Concert Pharmaceuticals
News Release - April 30, 2008
CoNCERT Pharmaceuticals Raises $37 Million in Series C FinancingBroad Syndicate of New and Existing Investors
LEXINGTON, Mass.--(HSMN NewsFeed)--Concert Pharmaceuticals, Inc., announced the closing of a $37 million Series C financing today. The Company intends to use the proceeds to further advance its deuterium chemistry platform and product pipeline. The financing was led by a leading public equity institutional investor and included participation from Adage Capital Management L.P., SR One Ltd. (GlaxoSmithKline’s independent healthcare venture fund), Mediphase Venture Partners, and Westfield Capital Management. All of the Company’s existing investors from previous financings also participated in the Series C, including Three Arch Partners, TVM Capital, Skyline Ventures, Brookside Capital Partners Fund, LP, Flagship Ventures, Greylock Partners, New Leaf Venture Partners, and QVT Fund LP.
“We are building a strong investor base comprising both top-tier venture capital and leading crossover funds. We believe the caliber of CoNCERT’s investors speaks to the strength of our business strategy and leadership team,” said Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals, Inc.
“In a short period of time, CoNCERT has demonstrated its ability to apply its technology broadly across multiple therapeutic areas,” said Wilfred E. Jaeger, M.D., General Partner and Founder of Three Arch Partners. “We continue to believe they are the clear leader in the area of deuterium-enhanced therapeutics. Their technology platform has great potential for building a robust product pipeline that may result in best-in-class treatments for a broad range of therapeutic indications. We are pleased to have CoNCERT as part of our portfolio of investments.”
Concert Pharmaceuticals, Inc. is dedicated to creating new medicines through a novel scientific approach utilizing the naturally-occurring element deuterium. CoNCERT applies its innovative platform to modify specific properties of validated drug molecules, yielding a rich pipeline of new chemical entities (NCEs). CoNCERT leverages decades of pharmaceutical experience to create drug candidates with potential for best-in-class efficacy and safety, while greatly reducing R&D risk, time and expense. The Company has over 100 patent applications for new drug candidates addressing a broad range of therapeutic areas, including hot flashes, fibrotic diseases, pain and infectious disease. CoNCERT expects to initiate its first clinical study in the second half of 2008. Additional information about CoNCERT is available online at http://www.concertpharma.com.
Source: CoNCERT Pharmaceuticals
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