Healthcare Industry News: neurodegenerative
News Release - November 11, 2008
Accera, Inc. Completes $35 Million Series C FinancingBROOMFIELD, Colo., Nov. 11 -- (Healthcare Sales & Marketing Network) -- Accera, Inc., a biotechnology company delivering breakthrough therapies in central nervous system diseases, announced it has recently closed a Series C financing round of $35 million (euro 27 million), led by Inventages Venture Capital SA. Proceeds of this financing will be used to begin sales and marketing of the company's lead product, Axona(TM) (previously known as Ketasyn), which is scheduled to launch in the United States in the first quarter of 2009.
Inventages was joined in this round by San Diego-based POSCO BioVentures and other previous private investors. Inventages and POSCO participated in the Company's Series A and B rounds.
Steve Orndorff, Ph.D., Accera's founder and CEO, said, "Closing this transaction in the current difficult financial environment is a testament to the confidence of our investors in the Accera organization and the potential of Axona".
Wolfgang Reichenberger, Ph.D., general partner, Inventages WHealth Management Inc. and IVC Americas SA and a member of Accera's Board of Directors, expressed enthusiasm about the commercial direction of the company and the upcoming launch of Axona. "Metabolic intervention is a new approach to neurodegenerative diseases, and Accera is a clear leader. We are pleased to support the commercialization of Axona as the lead product from this novel technology platform," Reichenberger said.
About Accera, Inc.
Accera, Inc., a privately held biotechnology company, discovers and develops breakthroughs in central nervous systems disorders. Accera's novel approaches positively impact patients with neurodegenerative disorders who are in need of effective, well-tolerated therapies. Through its proprietary scientific platform, Accera is developing products that address metabolic deficiencies by providing an alternative energy source for the brain. For more information, visit www.accerapharma.com.
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