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Odyssey Thera, Inc. Announces New Equity Financing New Funds to Help Guide the Next Stage of Company's Development


10/7/2008 9:26:37 AM

SAN RAMON, Calif., Oct. 7 /PRNewswire/ -- Odyssey Thera, Inc. announced today a new equity financing, with Merck and Co., Inc. as one of the investors. Existing investors Burrill & Company, HBM Partners, and Healthcap also participated. The funds will be used to support continued advancement of Odyssey Thera's technologies and products. This is the first close of the current financing round, which will remain open through the end of 2008.

Hugh Rienhoff, M.D., a San Francisco Bay area physician and entrepreneur, will serve as chairman of Odyssey Thera's board of directors. Dr. Rienhoff stated, "The Company has reached several significant milestones. Odyssey Thera's technology platform has been embraced by many of the world's leading pharmaceutical companies, and our cumulative expertise is a significant enabler in the drug development process -- for our partners and for Odyssey Thera."

In connection with the financing, Alan Sachs, M.D., Ph.D., Vice President of RNA Therapeutics for Merck Research Laboratories, was elected to the Odyssey Thera board of directors.

"This investment from Merck and continuing support from current investors validates Odyssey Thera's scientific and business plans," said Dr. John K. Westwick, President and CEO of Odyssey Thera. "We look forward to applying our unique and proprietary technologies to develop our pipeline and to support Merck programs, with the aim of advancing multiple commercial opportunities."

About Odyssey Thera, Inc.

Odyssey Thera's patented technology measures disease-relevant pathway activity within living human cells. Rapid identification of on-target and off-pathway activities of lead compounds enables selection of drug candidates with optimal efficacy and safety profiles. The Company's leadership position in fundamental patents, technology, and know-how relating to cellular analysis has enabled it to form major alliances with leading companies including Pfizer, Abbott, and Merck. Odyssey Thera is also leveraging its proprietary drug discovery and development platform for internal programs. To learn more about Odyssey Thera, please visit http://www.odysseythera.com.

CONTACT: John Westwick of Odyssey Thera, Inc., +1-925-242-5011

Web site: http://www.odysseythera.com/


Read at BioSpace.com


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