PharmacoFore, Inc. Secures $10 Million in Equity Financing From Founders Fund
12/28/2011 7:19:28 AM
SAN CARLOS, Calif., Dec. 27, 2011 /PRNewswire/ -- PharmacoFore, Inc., a privately held biopharmaceutical company, today announced a $10 million round of equity financing from Founders Fund and the addition of Founders Fund partner Ken Howery to its Board of Directors.
PharmacoFore uses innovative synthetic organic chemistry to create novel medicines for treating a variety of conditions related to the central and peripheral nervous systems. One of its key platform technologies has generated a series of novel molecules that it believes will facilitate prevention of the abuse and misuse of prescription drugs -- now the leading cause of accidental death in the United States, surpassing auto-related fatalities.
Wes Sterman, CEO of PharmacoFore, Inc., commented, "We are thrilled to have the enthusiastic support of Founders Fund as we advance our pipeline, along with partners, to regulatory approval and commercialization throughout the world."
Ken Howery is a co-founder of PayPal and served as the company's first CFO prior to its initial public offering and subsequent sale to eBay. Before launching Founders Fund, Ken Howery was a member of the research and trading teams at Clarium Capital Management.
Founders Fund investment philosophy is distinguished by its focus on innovative, cost-effective companies that can capture multi-billion dollar markets through transformational technologies that can lead to positive change in the world.
About Founders Fund
Founders Fund provides capital to transformational businesses run by world-class entrepreneurs. Companies the firm has backed include Facebook (managing partner Peter Thiel was Facebook's first outside backer), Quantcast, SpaceX, Palantir Technologies, RoboteX, Spotify, Yammer, Mint.com, and Slide. The firm, which pursues a founder-friendly investment strategy, is overseen by four managing partners, all of whom have founded companies worth more than $1 billion: Peter Thiel (PayPal); Ken Howery (PayPal); Luke Nosek (PayPal); and Sean Parker (Napster; Plaxo, Causes; founding president, Facebook).
About PharmacoFore, Inc.
PharmacoFore, Inc., is a privately held biopharmaceutical company focused on creating novel medicines that provide clear clinical benefits over existing drugs, enhance patient care, and prevent the misuse, abuse, and overdose of prescription medications.
PharmacoFore, Inc. Contact:
A. Gregory Sturmer
VP, Finance and Chief Financial Officer
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SOURCE PharmacoFore, Inc.