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Cabrellis Pharmaceuticals Corporation Raises $27.5 Million In Series A Funding



8/7/2006 10:24:03 AM

SAN DIEGO--(BUSINESS WIRE)--Aug. 7, 2006--Cabrellis Pharmaceuticals Corporation, a specialty pharmaceutical company developing therapies for the treatment of cancer, today announced it closed a $27.5 million Series A financing. Major participating investors included Domain Associates, Forward Ventures, Lilly Ventures, Novo A/S, ProQuest Investments, RBC Capital Partners, RiverVest Venture Partners, and S.R. One, Limited. The funding will be used to advance the clinical development of Calsed(TM), the Company's third-generation anthracycline currently in Phase II clinical testing. Cabrellis was formed in May 2006 as a spinout from Conforma Therapeutics and founded by members of the Conforma management team that executed the sale of Conforma to Biogen Idec, Inc.

"We are pleased to have the support of a strong group of investors," said Thomas M. Estok, president and chief executive officer of Cabrellis. "This financing demonstrates the confidence and excitement of our investors in the promise and market potential of Calsed(TM) and the capabilities of our team. With this funding, we plan to accelerate and expand the clinical development of this important cancer treatment."

Cabrellis plans to initiate three separate clinical trials in small cell lung cancer (SCLC) in 2006. The first trial, designed to assess the safety and efficacy of Calsed(TM) in reference to topotecan in the second-line treatment of patients with SCLC who previously responded to platinum-based chemotherapy, is currently underway at multiple clinical trial sites in the United States. Additional Phase II clinical trials are planned to assess Calsed(TM) in chemotherapeutic naive patients and in patients who were refractory to earlier platinum-based chemotherapy. Cabrellis is also planning trials outside of SCLC to evaluate the potential utility of Calsed(TM) in other tumor types.

About Calsed(TM)

Calsed(TM) (amrubicin hydrochloride) is a third generation, totally synthetic anticancer drug. In pre-clinical studies, amrubicin demonstrated a higher level of anti-tumor activity than conventional anthracycline drugs without exhibiting any indication of the cumulative cardiac toxicity common to this class of compounds. In clinical trials conducted in Japan, Calsed(TM) has been proven to be effective in patients with small cell lung cancer as well as non-small cell lung cancer. Dainippon Sumitomo Pharma launched Calsed(TM) in Japan in December 2002 and the drug has been administered to over 6,000 patients without any reports of cumulative cardiotoxicity to date. Dainippon Sumitomo Pharma is conducting additional Calsed(TM) clinical trials in Japan in lung cancer. Calsed(TM) is marketed in Japan as an injectable freeze-dried preparation, indicated for use in both non-small cell and small cell lung cancers. Cabrellis has the exclusive rights to develop and commercialize Calsed(TM) in North America and Europe, licensed from Dainippon Sumitomo Pharma of Osaka, Japan. Information about clinical trials being conducted with Calsed(TM) can be found at www.clinicaltrials.gov.

About Cabrellis Pharmaceuticals

Cabrellis is a specialty pharmaceutical company committed to the development of therapies for the treatment of cancer. The Company's lead product, Calsed(TM) (amrubicin hydrochloride), a third generation anthracycline and the world's first totally synthetic anthracycline drug, is currently in Phase II clinical testing in the United States. Further information regarding Cabrellis is available at www.cabrellis.com.

Contact: Cabrellis Pharmaceuticals Corporation Christopher LeMasters, 858-404-7113 or Kureczka/Martin Associates Joan Kureczka, 415-821-2413 Jkureczka@comcast.net

Source: Cabrellis Pharmaceuticals Corporation

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