PALO ALTO, Calif., Jan. 6 /PRNewswire/ -- Anacor Pharmaceuticals today announced that it has raised $50 million through a preferred stock financing with participation from GlaxoSmithKline, Schering Corporation and existing investors including Rho Capital Partners, Venrock Associates, Care Capital and Aberdare Ventures. Proceeds from the financing will be used to further develop Anacor's product pipeline based on its boron chemistry platform.
"We are pleased to complete this financing, which will allow us to advance our five clinical programs and to identify and progress new compounds derived from our boron chemistry platform," said David Perry, Chief Executive Officer at Anacor Pharmaceuticals.
The investments from GSK and Schering Corporation fulfill each company's investment obligations pursuant to their respective and ongoing collaborations with Anacor. At the conclusion of the financing, the combined ownership of GSK and Schering Corporation will be less than 20 percent of Anacor's outstanding shares.
About Anacor Pharmaceuticals
Anacor is a biopharmaceutical company developing novel small molecule therapeutics derived from its boron chemistry platform. Anacor has focused initially on developing topical applications of its compounds to treat fungal, bacterial and inflammatory diseases. Anacor's most advanced product candidate is AN2690, a novel topical antifungal in development for the treatment of toenail onychomycosis, which is a fungal infection of the nail and nail bed. AN2690 is licensed to Schering under a worldwide development and commercialization agreement for all indications including the treatment of onychomycosis. Anacor also has a research and development collaboration with GlaxoSmithKline for the discovery, development, manufacture and worldwide commercialization of novel systemic therapeutics for viral and bacterial diseases utilizing Anacor's boron-based chemistry. For more information visit http://www.anacor.com.
This press release contains forward-looking statements, including statements regarding the future use of proceeds and our ability to identify and develop current and future product candidates. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that could cause actual levels of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. Some factors that may affect these forward-looking statements include, but are not limited to, undesirable effects from our product candidates, clinical failure at later stages of development and unexpected termination of existing partnerships. These statements reflect the views of Anacor as of the date of this press release with respect to future events and, except as required by law, it undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.
Source: Anacor Pharmaceuticals