ST. LOUIS, Jan. 9 /PRNewswire/ -- Auxeris Therapeutics Inc., a biopharmaceutical company focused on the development and commercialization of medicines to treat a broad range of bone diseases, today announced the completion of a $1.6M extension to its Series A financing round, bringing the total to $4.1M. Investors in the round were Domain Associates and RiverVest Venture Partners. Funds will be used to advance the company's lead clinical candidates for bone metastasis and osteoporosis prevention, and to develop additional therapeutic clinical candidates for bone disease.
"We are very pleased to have closed this round of financing and look forward to accelerating our growth by continuing to develop innovative bone products," said Auxeris President and CEO, Laurent Fischer, M.D. "We believe Auxeris has the potential to significantly improve the treatment of osteoporosis by preventing or reversing bone loss, not merely arresting its progression. In addition to our osteoporosis candidate, we are developing a drug candidate to prevent bone metastasis by protecting the bone, rather then specifically targeting the tumor. This novel approach has the benefit of applying to a wide range of cancers."
"Bone disorders, led by osteoporosis, are responsible for billions of dollars in direct patient care costs and current treatments have limited efficacy and adverse side effects," said Robert J. More, General Partner of Domain Associates. "We believe Auxeris is poised to become a leader in bone disease therapeutics, as the company is targeting very large markets. We are excited about our investment in the company and are confident in the technology as well as the strength and direction of the senior management team."
Bone disease is an imbalance between osteoblasts (bone forming cells) and osteoclasts (bone resorbing cells), which both regulate bone mass. This imbalance manifests itself in 50% of women over the age of 50 as osteoporosis, which represents a $7 billion market expected to grow to $14 billion by 2011. Auxeris drug candidates target both of these cell populations to restore the proper balance, thereby treating the debilitating effects of bone disease. Auxeris founding scientists, Dr. Steven Teitelbaum and Dr. Patrick Ross of Washington University School of Medicine, are recognized internationally as leaders in bone biology.
Auxeris Therapeutics, Inc. ("Auxeris") is a privately-held biopharmaceutical company focused on the development and commercialization of proprietary breakthrough medicines to treat a broad range of bone diseases. The Company's first two products: a novel injectable anti-resorptive to prevent bone metastases and the first oral bone anabolic drug for the treatment of osteoporosis represent novel treatment approaches and are expected to enter clinical trials in the next eighteen months. Auxeris was founded in 2002 by Mark Mendel PhD of RiverVest Ventures, based on technology of Drs. Steven Teitelbaum and Patrick Ross of Washington University School of Medicine.
About RiverVest Venture Partners
RiverVest Venture Partners is a national venture capital firm based in St. Louis that focuses on seed and early-stage life sciences investments in biopharmaceutical, medical devices and specialty pharmaceuticals. The firm seeks to build relationships with entrepreneurs and scientists striving to develop breakthrough solutions to unmet clinical needs.
About Domain Associates
Domain Associates provides financing and organizational support to technology-based companies focused on life sciences. Total funds under management approach $1.5 billion, and Domain invests approximately $100 million per year in this sector, Domain has been involved in the creation and development of approximately 150 life sciences ventures. In December 2003, Domain announced the closing of its sixth venture capital partnership, a $500-million fund.
For further information, please contact Marcy Pozzi of Atkins + Associates, +1-858-527-3483, email@example.com , for Auxeris Therapeutics Inc.; or Laurent Fischer, MD, President & CEO of Auxeris Therapeutics Inc., +1-314-633-1880, firstname.lastname@example.org .
Auxeris Therapeutics Inc.