ANN ARBOR, Mich., Aug 03, 2012 (BUSINESS WIRE) -- Atterocor, Inc., a company developing an innovative therapy for adrenal cancer, today announced a $16 million Series A venture capital financing. Frazier Healthcare and 5AM Ventures led the round and proceeds from the financing will support Atterocor's accelerated development of its lead program.
"We are excited to launch Atterocor with this Series A funding, which will enable us to rapidly and efficiently advance our lead program to the clinic," said Julia Owens, Ph.D., founder, president and chief executive officer of Atterocor. "Adrenal cancer is a rare disease for which there are very limited treatment options and a critical patient need. Now that we have secured financing for this program, we will continue to focus on achieving key corporate and clinical development milestones and look forward to providing updates around our future progress."
Joining Dr. Owens as founders of the Company are Raili Kerppola, Ph.D., MBA, who serves as chief operating officer and Gary Hammer, M.D., Ph.D., who is the Millie Schembechler Professor of Adrenal Cancer, director of the endocrine oncology program and director of the center for organogenesis at the University of Michigan and will serve as a scientific advisor to the Company.
Adrenal cancer is often diagnosed in the late stages of disease when there is a very poor patient prognosis. This form of cancer is rare with approximately 600 patients diagnosed in the U.S. each year. Current treatment options are extremely limited and often ineffective and poorly tolerated in many patients.
About Atterocor, Inc.
Atterocor is a drug development company focused on novel therapies for adrenal cancer. The Company launched in 2012 with a Series A financing led by top-tier life sciences investors Frazier Healthcare and 5AM Ventures. Atterocor is based in Ann Arbor, Michigan.
SOURCE: Atterocor, Inc.