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IVREA Pharmaceuticals Raises $11 Million For Clinical Development


6/30/2006 1:13:58 PM

CONCORD, Mass., June 30 /PRNewswire/ -- IVREA Pharmaceuticals, an emerging specialty pharmaceutical company focusing on dermatology, today announced it raised $11 million from existing investors Atlas Venture and Easton Capital and new investor CHL Medical Partners.

"Our existing investors and CHL Medical Partners recognize the immense potential of the two compounds we have in the clinic. Their support will enable IVREA to advance these two programs beyond Phase II clinical development," said Michael Kobos, President and CEO of IVREA Pharmaceuticals.

With the closing of the financing, Myles Greenberg, M.D., of CHL Medical Partners will join existing Board members, Michael Kobos, CEO, Seth Orlow, M.D., Ph.D., Chair of the Department of Dermatology at NYU, Scott Silverman, D.Phil. and Peter Barrett, Ph.D. of Atlas Venture and Frank Garcia of Easton Capital.

About IVREA Pharmaceuticals

Founded in May 2005 by Michael Kobos, Seth Orlow, M.D., Ph.D., Seth Lederman, M.D. and Dr. Maurizio Cattaneo, IVREA Pharmaceuticals is dedicated to developing and marketing dermatology pharmaceuticals. IVREA Pharmaceuticals is developing products having significant medical and patient advantages in the treatment of onychomycosis and acne. The company has offices in Concord and Quincy Massachusetts.

Contact: Michael Kobos Tel: (978) 287-4537 e-mail: mhkobos@ivreapharma.com About Atlas Venture

Atlas Venture is currently investing from its seventh fund and manages over $2 billion in capital. Since it was started in 1980, Atlas Venture has helped build over 300 companies in more than 15 different countries. Since 1995, 40 of its companies have been acquired and 39 are now public companies with an aggregate market capitalization of over $12 billion.

About Easton Capital

Easton Capital Investment Group manages approximately $140 million of venture capital and private equity funds. Aggregating more than 170 years of experience, its principals focus on a broadly defined vision of investing in undervalued companies in undervalued market segments. This diversified approach has entailed venture investments in early as well as late stage companies in addition to management buyouts.

About CHL Medical Partners

CHL Medical Partners is a healthcare venture capital firm founded in 1990, managing funds with combined committed capital of more than $250 million. CHL invests principally in start-up and early stage companies in the biotechnology, medical devices, and healthcare services sectors located throughout the continental U.S. CHL is based in Stamford, CT.

IVREA Pharmaceuticals

CONTACT: Michael Kobos of IVREA Pharmaceuticals, +1-978-287-4537,mhkobos@ivreapharma.com



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