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Immune
Control Raises $11.3 Million to Commence Two Clinical Trials
Immune Control Raises $11.3 Million to Commence
Two Clinical Trials
PR Newswire
July 14, 2005
Philadelphia, PA - Anthem Capital Management, an early-stage venture
capital firm with offices in Philadelphia, Baltimore and Pittsburgh,
today announced the closing of an $11.3 million Series A investment
in Immune Control, Inc., a pharmaceutical company developing compounds
for treatment of multiple myeloma and other immunological diseases.
Joining Anthem in the Series A financing are BioAdvance Ventures,
an early stage venture fund managed by Quaker BioVentures, Domain
Associates and NewSpring Capital.
Immune Control is an early-stage drug discovery and development
company that is testing novel approaches to immune modulation using
small molecule, serotonin antagonists. According to Gerry Schaafsma,
General Partner of Anthem Capital Management, “the Series
A investment will fund the development and initial clinical trial
of serotonin antagonists as treatments for diseases marked by aberrant
immune activation.” Immune Control anticipates the commencement
of two clinical trials this year.
Immune Control is headed by Dr. Stephen Roth, founder and former
CEO of Neose Technologies, Inc., and former head of the Biology
Department of the University of Pennsylvania. Immune Control’s
work is based on research conducted by Dr. Brad Jameson of Drexel
University’s College of Medicine. The Company has licensed
key patents from Drexel University College of Medicine.
“We could not be happier with having achieved this milestone,
which is critical to the development of any young company. The participation
by this local flagship investor syndicate will allow Immune Control
to test serotonin antagonists initially in two diseases characterized
by inappropriate lymphocyte activity. We now anticipate that both
trials will be underway within a year,” Dr. Roth said.
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