TREVOSE, Pa., Oct. 27 /PRNewswire/ -- InfaCare Pharmaceutical Corporation, a late stage specialty pharmaceutical company focused on the development of products to treat neonatal diseases, today announced a $28 million private placement of its Series B Preferred Stock. New investor, HealthCare Ventures, led the round and Harold Werner, a partner with HCVEN, will join InfaCare's board of directors. Additional funding came from new investor Longitude Capital. Patrick Enright, a partner with Longitude and a current InfaCare board member, will represent the fund. All current preferred stock investors, including FirstMark Capital and Atlas Venture, also participated in the financing.
"We are very excited to have such strong financial backing from this outstanding group of both new and existing investors, whose participation in this round further validates our business strategy and the value of our lead drug candidate," said Dan Burns, President and Chief Executive Officer. "We expect the proceeds of this financing to provide the capital necessary to achieve value creating milestones for the company, including phase IIb results for our lead product."
InfaCare's lead compound, Stanate® for the treatment of neonatal hyperbilirubinemia, is expected to enter a pivotal phase III trial in 2009. Stanate is the only pharmacological agent, currently in development, designed to prevent bilirubin from reaching toxic levels in hemolyzing neonates, thus reducing or eliminating the risk of the devastating neurological outcomes associated with uncontrolled hyperbilirubinemia. Over 1,200 neonates have been treated with Stanate in a number of clinical trials to date.
About InfaCare Pharmaceutical Corporation
InfaCare Pharmaceutical Corp. is a Pennsylvania based specialty pharmaceutical company dedicated to developing and commercializing therapeutics to treat neonatal diseases. Stanate, InfaCare's lead product is a Heme Oxygenase Inhibitor designed to reduce or eliminate the morbidity and mortality outcomes that can be associated with uncontrolled hyperbilirubinemia in newborns. For more information, please visit www.infacarepharm.com.
About HealthCare Ventures
HealthCare Ventures is a leading venture capital firm specializing in life science industry investing. Over the past 23 years, HCV has raised $1.6 billion in eight funds. They have invested in a total of 93 companies, 53 of which were start-ups. Of these companies, 22 have become public and 23 have been acquired by or merged into public companies. For more information, please visit www.hcven.com.
About Longitude Capital
Longitude Capital is a venture capital firm that invests in medical device and biotechnology companies developing products that address important unmet medical or economic needs in the life sciences industry. Longitude's investment team has more than 100 years of industry experience and has invested in over 100 life sciences companies. Longitude raised its inaugural fund, the $325,000,000 Longitude Venture Partners, L.P., in 2008, and has offices in Menlo Park, California and Greenwich, Connecticut. For more information on Longitude Capital, please visit www.longitudecapital.com.
About Atlas Venture
Atlas Venture is a leading early-stage international venture capital firm that invests in technology and life sciences businesses in the U.S. and Europe. Since inception in 1980, its partners have helped build over 300 companies in more than 16 different countries. In the past decade, 47 portfolio companies have been acquired and 40 are now public companies with an aggregate market capitalization of over $20 billion. Atlas Venture manages over $2 billion in capital through offices in Boston, London, Munich and Paris. For more information, visit www.atlasventure.com.
About FirstMark Capital
Based in New York City, FirstMark Capital (formerly Pequot Ventures) has established itself as a venture leader with a strong, international reach over its twelve year history. FirstMark invests in companies that are creating new markets with innovative technology solutions or rethinking existing markets by applying a novel business model. With nearly $2 billion in capital commitments, FirstMark's team of investment and operations professionals have decades of entrepreneurial experience and leadership in core technology markets, making the firm uniquely qualified to offer industry insight, relationships and the operational expertise to build lasting businesses. For more information, please visit www.firstmarkcap.com.
Source: InfaCare Pharmaceutical Corporation