BERWYN, Pa., March 31 /PRNewswire/ -- EXIMIAS Pharmaceutical Corporation, a privately held pharmaceutical company, announced today the closing of a $63.5 million ($USD) private placement through a Series D financing led by Cross Atlantic Partners (New York) and co-led by Quaker BioVentures (Philadelphia). Other new investors in the round include New Enterprise Associates, OrbiMed Advisors, Birchmere Ventures, Easton Hunt Capital Partners, Cross Atlantic Capital Partners, Pacific Rim Ventures and Emerging Technology Partners. All Series C institutional investors participated in the round, which was oversubscribed. Ferghana Securities served as the placement agent and financial advisor for this transaction, one of the largest private biopharmaceutical financings in the past two years.
"Given the challenges of the private equity market, both the size of this financing and strong interest from high-quality investors is quite remarkable and validates our excitement about the future of the Company and our unique product pipeline," said Elizabeth A. Corsi, President and Chief Executive Officer. "We are delighted to add these new investors who share our vision for the Company's future and are encouraged by the strong and consistent support received from our existing investors."
EXIMIAS also announced that John Cassis, Partner, Cross Atlantic Partners, Brenda Gavin, Managing Partner, Quaker BioVentures, Michael Sheffery, Ph.D., General Partner, Orbimed Advisors, and M. James Barrett, Ph.D., General Partner, New Enterprise Associates will join the EXIMIAS Board of Directors. "As the Company rapidly completes our Phase III development program for THYMITAQ(R) and progresses towards commercialization, we welcome the addition of John Cassis, Brenda Gavin, Mike Sheffery and Jim Barrett to our Board. Their extensive experience in healthcare along with their entrepreneurial expertise will be particularly valuable in advancing the Company."
"We are pleased to be involved in helping EXIMIAS develop and market leading drugs, especially THYMITAQ(R), its flagship product for liver cancer, whose Phase III trial has over 350 patients out of 446 accrued," said John Cassis of Cross Atlantic Partners.
EXIMIAS Pharmaceutical Corporation focuses on the acquisition, development and commercialization of unique oncology and infectious disease products. The company has three novel, late-stage products, THYMITAQ(R) and ORATAQ(TM) for oncology, and MACROTAC(TM) for oncology and infectious disease. THYMITAQ(R), the company's flagship product, is being evaluated in a Phase III ETHECC(C) trial for the treatment of patients with unresectable liver cancer. According to a recent Fortune Small Business article, "THYMITAQ(R) could be a blockbuster. The drug would be the first ever to be approved for the treatment of inoperable liver cancer." THYMITAQ(R) was also featured in the March 2004 R&D Directions, "Advances in Medicine: 100 Great Investigational Drugs." The Phase III ETHECC(C) trial is expected to complete enrollment by the end of 2004.
The company has raised $94 million in capital to date and is executing on its business strategy to rapidly build and commercialize a portfolio of unique products. For more information about EXIMIAS, please visit http://www.eximiaspharm.com/.
EXIMIAS Pharmaceutical Corporation