Healthcare Industry News: RNAi therapeutics
News Release - October 2, 2008
Intradigm Raises $18.5 Million in Series B FinancingFunds to Advance Development of Intradigm's Platform for RNAi therapeutics
PALO ALTO, Calif., Oct. 2 (HSMN NewsFeed) -- Intradigm Corporation, a leading developer of targeted, systemic RNA interference (RNAi) therapeutics, today announced that the company raised $18.5 million in a Series B financing. The financing was led by Lilly Ventures with participation from other new investors, Roche Venture Fund and MP Healthcare Venture Management. Existing investors, Frazier Healthcare Ventures, Alta Partners, MediBic Alliance Technology Fund, and Novartis Venture Fund also participated in the round. In connection with the financing, Bryan Dunnivant, principal at Lilly Ventures, will join Intradigm's board of directors.
"Intradigm's expertise has enabled the development of what we believe to be one of the most promising RNAi therapeutics platforms in the industry," stated Bryan Dunnivant. "Lilly Ventures is excited about the investment in Intradigm and the prospect of working with the company to help bring this important new class of therapeutics to patients around the world and supporting the company's future successes as a leader in RNAi therapeutics."
The company will use the Series B funds to advance its RNAi therapeutics platform, which is comprised of both its siRNA intellectual property, as well as its RNAi Nanoplex (NPX) delivery technology, toward the development of systemic siRNA therapeutic candidates with an initial focus on cancer targets.
"The funding from our Series B financing will allow us to make critical advancements in the development of our RNAi Nanoplex delivery technology, enabling the creation of a pipeline of RNAi therapeutics based on our proprietary siRNA sequences against many high-value cancer targets," said Mohammad Azab, M.D., president and chief executive officer of Intradigm. "The financial strength and industry experience of our expanded investor base is invaluable to Intradigm as we continue to build a high-value company focused on the development and delivery of RNAi therapeutics in areas of unmet medical need."
"Our confidence in Intradigm and its ability to become a leader in the development of novel RNAi therapeutics is evidenced by our ongoing financial support of the company," said James Topper, M.D., Ph.D., general partner at Frazier Healthcare Ventures and chairman of Intradigm's board of directors. "The Series B funds along with Intradigm's strong RNAi intellectual property portfolio in both siRNA sequences and the innovative RNAi NPX delivery technology uniquely position the company to rapidly advance its drug development efforts based on a broad RNAi therapeutics platform."
Intradigm is a private biotechnology company committed to the discovery, development and delivery of targeted, systemic RNA interference (RNAi) therapeutics for the treatment of serious diseases with an initial focus on oncology. Intradigm is unique, among private companies, with its comprehensive RNAi therapeutics platform consisting of both proprietary siRNA sequences, and the means to deliver them using the company's proprietary delivery technology, known as RNAi Nanoplex. Our RNAi Nanoplex (NPX) delivery technology is unique in its potential to offer safe and effective systemic administration using a library of novel peptide-based biodegradable polymers.
We have established an impressive proprietary portfolio of siRNA sequences against more than 50 highly valued oncology and other disease targets. In addition, we have secured an exclusive license to the Zamore patent family from the University of Massachusetts (UMass), which covers broad structural features of siRNA design of more potent next generation siRNA sequences. Our goal is to grow Intradigm to become a leading company in enabling the development of novel RNAi therapeutics against a broad range of therapeutic targets using our siRNA sequences and delivery technology.
For more information on Intradigm, please visit http://www.intradigm.com.
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