Healthcare Industry News: influenza
News Release - August 11, 2009
Chimerix Raises $16.1 Million in Series E FinancingRESEARCH TRIANGLE PARK, N.C., Aug. 11 -- (Healthcare Sales & Marketing Network) -- Chimerix, Inc., a biotechnology company developing orally available antiviral therapeutics, today announced the completion of a $16.1 million Series E financing. Leading life science venture capital investors Canaan Partners, Alta Partners, Sanderling Ventures and Asset Management Company participated in this insider round.
Proceeds from the financing will primarily be used to expand Chimerix's clinical development program for its lead drug candidate, CMX001. CMX001 has shown activity in early clinical studies as a broad-spectrum antiviral drug, and is currently being evaluated for the treatment of cytomegalovirus (CMV) and BK virus in Phase II clinical trials. CMX001 is also being developed as a biodefense agent for the treatment of smallpox and complications associated with smallpox vaccination. In addition, Chimerix expects to advance CMX157, an anti-HIV drug, into Phase I clinical development and to continue work on a library of compounds that have shown extremely potent activity against a range of viral diseases including hepatitis C.
"Chimerix's robust pharmaceutical product pipeline and world-class expertise in the area of antiviral medicines offer truly novel and promising approaches for the treatment of a number of challenging viral and inflammatory diseases," said Seth Rudnick, M.D., of Canaan Partners and Co-Chairman of the company's Board of Directors. "We believe that this financing will enable the Chimerix team to continue doing what they do best - identify, optimize and develop important new antiviral medicines that address significant therapeutic markets and may prove valuable in our nation's biodefense strategy."
"We are pleased by the consistent support Chimerix has received from such a premier group of experienced life science investors," said George Painter, Ph.D., Chimerix's President and Chief Executive Officer. "These funds will enable us to drive forward clinical development of our promising drug candidates to a point where we are well-positioned to make strategic decisions about the best course for late-stage clinical development, as well as potential partnering with leading pharmaceutical companies."
Chimerix, Inc., discovers, develops and commercializes antiviral therapeutics with enhanced pharmaceutical properties for the treatment of a range of life-threatening diseases. Leveraging a powerful lipid technology, Chimerix is able to develop drug candidates with oral availability or topical applications with increased potency and targeted delivery. These enhanced pharmaceutical properties can be applied to new drug moieties or known drugs to improve dosing parameters, broaden therapeutic applications and decrease the risk of adverse events. The company's lead compound, CMX001, has shown promise as a broad-spectrum antiviral drug and is currently being developed as a biodefense agent for the treatment of smallpox and complications associated with smallpox vaccination, as well as for the treatment of infections that cause morbidity and mortality in immunocompromised patients such as cytomegalovirus (CMV) and BK virus. Chimerix's pipeline includes an anti-HIV drug, CMX157, in late-stage preclinical studies. Chimerix is also advancing programs in hepatitis C virus (HCV), respiratory syncytial virus (RSV) and influenza. For further information, please visit the company's website at http://www.chimerix-inc.com/.
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