TORONTO, March 26 /CNW/ - Affinium Pharmaceuticals, Inc., a privately
held developer of a novel class of oral antibacterial therapeutics, announces
the closing of its US$18 million Series A financing. Affinium will use the
proceeds from the financing to fund development of its lead candidate through
Phase 2 clinical trials. The international financing was led by Forward
Ventures and includes new investors Oxford Bioscience Partners, SV Life
Sciences, and existing investor Genesys Capital Partners.
"This financing represents a major milestone for the development of
Affinium's novel class of antibiotics and will allow us to rapidly progress
our lead compound through human clinical trials," said Owen Roberts, Chief
Financial Officer of Affinium. "We are extremely pleased that this
international group of venture capital firms has chosen to invest in Affinium
and fund the development of this highly potent therapeutic which addresses one
of the most pressing health problems facing the public today."
"Affinium's antibiotics represent a new class of therapeutics with a
novel mechanism of action for treating staphylococcal infections," commented
Dr. Stuart Collinson, Chairman of the Board of Affinium. "As bacterial
resistance increases, there is an urgent medical need for new oral and
intravenous antibiotics. Affinium's compounds promise a major breakthrough in
antibiotic development and patient care."
Concurrent with the financing, three new members joined Damian Lamb of
Genesys Capital Partners on Affinium's Board of Directors: Dr. Stuart
Collinson of Forward Ventures, Mark Carthy of Oxford Bioscience Partners and
Dr. Graham Boulnois of SV Life Sciences.
About Affinium Pharmaceuticals, Inc.
Affinium Pharmaceuticals, Inc. is a pharmaceutical company focused on the
discovery, development and commercialization of novel anti-infective medicines
stemming from the bacterial fatty acid synthesis (FAS) II pathway. Affinium's
lead clinical development compound is a highly potent small molecule
antibiotic for both oral and intravenous treatment of staphylococcal
infections including drug-resistant MRSA. This development candidate is
scheduled for Phase I clinical trials in 2007. Additionally, Affinium uses its
unique proprietary compounds and its knowledge of fatty acid biosynthesis
enzymes to develop additional novel antibiotics to address a variety of
therapeutic needs. www.afnm.com
For further information:
For further information: Affinium Pharmaceuticals, Inc. Owen G. Roberts,
CFO, 416-645-6613 firstname.lastname@example.org www.afnm.com or Cook & Schmid Rick Cook,
619-814-2370, Ext. 11 Cell: 619-987-3897 email@example.com