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BioRexis
Completes $30 Million Series B Financing
Newswire
March 11, 2004
King of Prussia PA,– BioRexis Pharmaceutical Corporation,
a privately-held biopharmaceutical company, announced today that
it has raised $30 million in a Series B private equity financing.
The financing was oversubscribed and included new investors Prism
Venture Partners, Anthem Capital Management, Johnson & Johnson
Development Corporation, Gund Investment Corporation and existing
investors Quaker BioVentures, ProQuest Investments and Tullis-Dickerson
& Company. BioRexis has raised over $38 million since its inception
in July 2002.
The funds raised in the Series B round will be used to advance BioRexis’
pipeline of biopharmaceuticals through preclinical testing and clinical
trials. BioRexis’ proprietary protein engineering technology
provides novel protein and peptide drugs with superior pharmacology
and Trans-bodiesTM to replace conventional monoclonal antibodies
(“MAbs”). BioRexis’ technology involves fusion
of peptides and proteins to a modified version of the blood serum
protein transferrin, thereby prolonging their circulatory half-life,
improving efficacy, decreasing side effects and reducing dosage.
The company’s lead product is a peptide fusion, currently
in preclinical trials for type 2 diabetes. Additional biopharmaceutical
products under development include a novel longer-acting interferon
and an erythropoietin receptor agonist.
“We are very impressed with the management team at BioRexis
and the fact that they have previously built a highly successful,
similar company,” stated Gerry Schaafsma, a general partner
of Anthem Capital Management. He added, “BioRexis’ protein
engineering technology has the potential to develop many blockbuster
drug candidates in relatively short time frames, thus generating
rapid value creation for shareholders.”
BioRexis’ CEO, David R. King, said “We are delighted
to have attracted such a high caliber group of investors and appreciate
their endorsement of our technology and strategic direction. This
financing will enable us to accelerate the advancement of our preclinical
programs into the clinic so that we can commercialize proprietary
improved biopharmaceuticals using our protein engineering technology
and manufacturing systems.”
About BioRexis Pharmaceutical Corporation
BioRexisTM Pharmaceutical Corporation develops novel, extended half-life
protein and peptide drugs with superior pharmacology and Trans-bodiesTM
to replace conventional monoclonal antibodies (“MAbs”).
Both can be produced in highly efficient manufacturing systems that
use Saccharomyces cerevisiae (baker’s yeast) instead of expensive
mammalian cell culture.
Many proteins and peptides face difficulties in development and
commercialization due to their poor pharmacokinetic profiles, requiring
both high and frequent dosing which often leads to side effects.
This reduces therapeutic benefit and can limit the range of indications
for which the drug can be used. High dosing per patient also places
a further burden on already limited manufacturing capacity, driving
up the cost of treatment (as in the case of MAbs and other high
priced biopharmaceuticals).
BioRexis solves these problems through its proprietary protein engineering
approach, using a natural variant of the human serum protein transferrin
as a carrier protein and as a scaffold for the effective presentation
of proteins and peptides. BioRexis developed and solely owns this
technology, which gives it great flexibility in transactions with
pharmaceutical companies. For additional information, please visit
www.biorexis.com.
CNBC Money Central
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