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CoDa Therapeutics, Inc. Announces $10 Million Series A Financing

10/11/2006 9:28:07 AM

SAN DIEGO, Oct. 10 /PRNewswire/ -- CoDa Therapeutics, Inc., a biopharmaceutical company founded in 2005, today announced the completion of a $10 million Series A preferred stock financing by Domain Associates. CoDa is focused on novel wound care technologies based on unique targets and mechanisms of action that have been demonstrated to dramatically improve healing in multiple tissue types following a single therapeutic application. The company anticipates the closing of an additional $5-$10 million financing during the next 90 days.

"We are extremely pleased to have a prestigious and experienced biopharmaceutical investor like Domain Associates, who will provide significant added strength to the company and its management team as we drive our patented wound care technologies to and through the clinic," stated Bradford J. Duft, President and Chief Executive Officer of CoDa, who has previously worked with Domain, most recently during his eight years as an officer of Amylin Pharmaceuticals. "The Series A financing will enable CoDa to complete IND enabling formulation, analytical, stability and toxicology studies and permit CoDa to complete Phase 1 safety and Phase 2 pilot efficacy clinical trials in both an ophthalmic and an acute skin indication."

"With a patented technology and management expertise to successfully develop and commercialize products in a number of broad wound care market indications, CoDa is well-positioned to become a significant therapeutics company," said James C. Blair, Ph.D. of Domain Associates. "We look forward to working with the CoDa management team to achieve this goal."

"After six years of university-based research and significant safety and efficacy data in fourteen different animal models, the Company's lead compound is ready for pre-clinical and clinical testing and the Series A financing will allow CoDa to aggressively push its clinical development plans forward. There is a tremendous market need for compounds like CoDa's, a topical, single application therapeutic that accelerates wound healing and reduces swelling, inflammation, and ultimate scar formation in numerous tissue types," stated James Mervis, Chairman of CoDa Therapeutics and co-founder of Cardiokine, Inc.

About the CoDa Technology

Already patented in United States and Europe, CoDa technology includes the company's lead compound Nexagon(TM), a small anti-connexin oligonucleotide that downregulates the proteins that form gap junctions and reduces cell to cell communication post-injury. Preclinical studies have shown that a single topical application of Nexagon(TM) reduces lesion spread (cell death), swelling, inflammation, scarring and time to wound closure in a variety of tissue types including the eye, skin, spinal cord, and brain. No toxicities have been observed to date. The active ingredient in Nexagon(TM), a short-acting, natural oligonucleotide, is rapidly degraded if taken up in the bloodstream.

About CoDa Therapeutics, Inc.

CoDa Therapeutics, Inc. is a San Diego-based pharmaceutical company focused on the development and commercialization of wound care therapeutics based on gap junction modulation. Its wound care technologies were developed initially through CoDaTherapeutics (NZ) Ltd., a New Zealand company formed by inventors Dr. Colin Green of the University of Auckland and Dr. David Becker of University College London. CoDaTherapeutics (NZ) Ltd., which has royalty rights and shareholding in CoDa Therapeutics, Inc., will continue research and will manage initial clinical trials in New Zealand in cooperation with the company.

Source: CoDa Therapeutics, Inc.

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