DALLAS, Nov. 11 /PRNewswire/ -- Reata Discovery, Inc. today announced the closing of a $12.0 million private financing round. Participants in this round included Cardinal Investment Company, Ojai Goliad, StarTech Ventures, and other undisclosed institutional and individual investors, representing both new and existing investors.
"We are delighted about the level of interest in this financing round shown by both new and existing investors," said Warren Huff, President and Chief Executive Officer of Reata. "This financing enables us to advance several of our promising anticancer drug candidates into clinical development."
Development Status Update
Reata has a portfolio of novel small molecule anticancer drug candidates under active development. The company's lead molecules have been licensed from renowned research institutions including The University of Texas Southwestern Medical Center at Dallas, The University of Texas M.D. Anderson Cancer Center, Dartmouth College, and the National Cancer Institute. The Reata drug candidates address important unmet needs in cancer therapy and include first-in-class targeted therapies as well as therapies that improve upon conventional mechanisms of action. The company is planning to file INDs for two compounds during the next six months and is planning to file an IND for one additional compound in the second half of 2005.
The following is a summary of the company's development activities:
RTA 401 is a first-in-class targeted therapy that disrupts cancer cells' ability to respond to oxidative stress and marks the cells for death through caspase and non-caspase mediated mechanisms. Reata is developing RTA 401 and related compounds in cooperation with Dartmouth College, The University of Texas M.D. Anderson Cancer Center, and the National Cancer Institute. RTA 401 is expected to enter clinical trials during the first half of 2005.
RTA 744 is a novel anthracycline derivative that crosses the blood-brain barrier and shows significant potential for the treatment of primary and metastatic brain cancers. The company has selected clinical trial sites for RTA 744 and plans to begin clinical testing of the drug in primary brain cancer during the first quarter of 2005.
RTA 502 is the lead compound from a new class of drugs that inhibit topoisomerase I and also inactivate the kinases PI3K and AKT. RTA 502 has shown significant in vivo activity against colon, liver and pancreatic cancers. RTA 502 is slated for IND filing in mid-2005.
RTA 203 is a first-in-class targeted therapy that is a potent inhibitor of the vacuolar ATPase (VATPase). V-ATPase is believed to play a significant role in cancer cell biology, including glycolytic metabolism, drug/radiation resistance, and invasive/metastatic potential. RTA 203 has shown promise for the management of invasive late-stage cancers with intrinsic or acquired drug and radiation resistance.
RTA 301 is a novel microtubule stabilizing agent that binds tubulin at a different site than paclitaxel and other existing drugs. RTA 301 has potent in vitro and in vivo activity and retains its activity in taxane-resistant cell lines and multidrug-resistant cell lines.
Reata is applying its proprietary RPM (Rescuing Proteins from Misfolding) drug screen to identify small molecules that can act as chemical chaperones and restore the function of the mutant tumor suppressor protein, p53. Most human cancers have mutations in the tumor suppressor protein p53, and these mutations cause misfolding and a loss of function of the protein. Products that restore p53 function would likely be of great medical significance. Reata is also applying the RPM technology to discover new treatments for Alzheimer's disease, Parkinson's disease, ALS, and other neurodegenerative diseases.
About Reata Discovery
Reata Discovery, Inc. ("Reata") is a biopharmaceutical company formed to discover, develop, and commercialize new drugs that target major unmet clinical needs in cancer and neurodegenerative disease. Reata combines innovative drug candidates, novel drug discovery platforms, and renowned scientists from leading research institutions. Reata's strategy is to structure its operations, partnering relationships, and development decisions to maximize the number of opportunities for success in the clinic in the shortest possible time. Reata is developing a portfolio of drug candidates and plans to have three new classes of small molecule, anti-cancer drugs in clinical trials during 2005. Reata fully owns all rights for all of its products. For more information, please see http://www.reatadiscovery.com/ .
Reata Discovery, Inc.