SAN DIEGO, June 14 /PRNewswire/ -- Idun Pharmaceuticals, Inc. today announced the funding of a $27 million Preferred Stock private placement financing led by MPM Capital, representing the initial tranche of a two-part financing of $65.6 million in total. In addition to MPM, new investors include Sutter Hill Ventures, Prospect Venture Partners, Pacific Rim Ventures and Aberdare Ventures. Idun will use the proceeds to advance its clinical development programs in liver disease, bring new programs to the clinic and to fund general business operations. As part of the financing, Luke Evnin, Ph.D., from MPM Capital and Jeffrey Bird, M.D., Ph.D., from Sutter Hill Ventures will join Idun's Board of Directors bringing the total Board to six.
"This financing is a transforming event for Idun providing access to sufficient capital to aggressively advance our exciting drug programs in the clinic. We are gratified that our progress in product development has attracted these new, premier life sciences investors and, secured continued support from our existing investors," said Steven J. Mento, Ph.D., President and CEO of Idun. "The additional capital will allow Idun to accelerate the clinical development of all of our programs in liver disease, inflammation and cancer including additional phase II clinical studies with our pan-caspase inhibitor IDN-6556 in hepatitis associated with Hepatitis C virus infection."
"Idun has capitalized on its leadership position in controlling apoptosis for therapeutic gain and with this financing is now in a position to deliver compelling data in man. MPM is pleased to have the opportunity to contribute its resources to Idun at this important stage in its development," said Luke Evnin, Ph.D., General Partner with MPM Capital.
In addition to the new investors, existing investors who participated included; GeneChem, Venrock Associates, Hambrecht & Quist Capital Management, RBC Capital Partners, BioVeda Capital and Ventana Capital Management. Montgomery & Co., a California-based investment bank, served as exclusive placement agent for Idun on this financing.
Idun Pharmaceuticals, Inc. is a privately-held biopharmaceutical company dedicated to the discovery and development of novel therapeutics in the areas of liver disease, inflammation, and cancer. Idun's lead product candidate, IDN-6556, is in clinical studies for both liver transplantation and in patients infected with Hepatitis C virus. The company has a number of product candidates in advanced preclinical development for inflammation and cancer. Idun has an extensive patent portfolio comprised of 145 issued patents worldwide. Idun's corporate headquarters and research and development facility is located in San Diego, California. For more information please visit the company's web site at http://www.idun.com/.
MPM Capital L.P. is a global investment management firm focused solely on life sciences investing. One of the largest investment management firms dedicated to the life sciences sector, MPM Capital has offices in Boston, San Francisco, and Munich. MPM's portfolio includes early stage start-ups as well as large capitalization public companies, representing biopharmaceutical and medical device companies, encompassing platform technology as well as product-driven opportunities. The firm manages over $2.1 billion in assets through the MPM BioVentures Family of venture capital funds and the MPM BioEquities public market funds. For additional information, please visit http://www.mpmcapital.com/.
Some of the statements in this press release are forward-looking statements and do not guarantee future performance and involve risks and uncertainties. Actual results may differ substantially from the results that the forward-looking statements suggest for various reasons. These forward-looking statements are made only as of the date of this press release.
Idun Pharmaceuticals, Inc.
CONTACT: Steven J. Mento, Ph.D., President and CEO of IdunPharmaceuticals, Inc., +1-858-623-1330; or Christopher Erdman of MacDougallBioCommunications, +1-508-647-0209, email@example.com, for IdunPharmaceuticals, Inc.