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Intradigm Corporation Closes Final Tranche of $21.4 Million Series B Financing; Philip Haworth, Ph.D. Appointed Chief Executive Officer


1/7/2009 6:50:27 AM

PALO ALTO, Calif., Jan. 7 /PRNewswire/ -- Intradigm Corporation, a leading developer of targeted, systemic RNA interference (RNAi) therapeutics, today announced that the company has closed the final tranche of its Series B financing. Astellas Venture Management led the $2.9 million tranche, with existing investor, Lilly Ventures, also participating. The addition of these funds brings the total Series B financing to $21.4 million. Intradigm will use Series B funds to advance its RNAi therapeutics platform, which is comprised of both its siRNA intellectual property, as well as its proprietary delivery technology, toward the development of systemic siRNA therapeutic candidates with an initial focus on cancer targets.

"Intradigm's uniquely comprehensive approach to developing RNAi therapeutics, which encompasses safe and effective delivery, proprietary siRNA sequences and novel structural features for RNAi molecules, makes the company an attractive investment in the rapidly growing RNAi space," said Shinja Yano, Ph.D., president and chief executive officer, Astellas Venture Management LLC. "We are excited to join Intradigm's group of investors and look forward to contributing to the company's future success in recognizing the substantial promise of RNAi as a therapeutic class."

Intradigm today also provided an update on recent corporate developments, announcing that Mohammad Azab, M.D., has resigned his position as chief executive officer but will retain his position on Intradigm's board of directors. Dr. Azab will be succeeded as chief executive officer by Philip Haworth, Ph.D., who previously served as the company's vice president of business development.

"The board would like to thank Dr. Azab for his valuable contributions to building the company and successfully raising the recent Series B financing. We are delighted that he will continue his strategic role on Intradigm's board," said Jamie Topper, M.D., Ph.D., the chairman of the board of Intradigm. "At the same time, we are excited to have Dr. Haworth assume the role of CEO and apply his impressive breadth of industry experience to the continued success of the company."

Dr. Haworth possesses more than 15 years of management experience in the biotechnology industry. He has previously held senior executive roles at several leading biotechnology companies including Genencor International and COR Therapeutics, among others. In these positions, he led the identification and negotiation of numerous collaborative and licensing agreements with a range of global and regional pharmaceutical companies. He possesses deep operational expertise that spans discovery and development, technology and product licensing, mergers and acquisitions, and financings.

"I am pleased to have the opportunity to support Intradigm's exceptional team as we work to further strengthen the company's position of leadership in the RNAi sector," said Dr. Haworth. "Astellas' decision to join our experienced investor base, as well as Lilly Ventures' desire to increase its investment, provides additional support and validation for Intradigm and our ongoing development efforts in the promising area of RNAi."

ABOUT INTRADIGM

Intradigm is a private biotechnology company committed to the discovery, development and delivery of targeted, systemic RNA interference (RNAi) therapeutics for the treatment of serious diseases with an initial focus on oncology. Intradigm is unique among private companies, with its comprehensive RNAi therapeutics platform consisting of structural features for next-generation RNAi molecules, biodegradable polycationic polymers for the delivery of RNAi therapeutics and proprietary siRNA sequence applications. Our proprietary delivery technology is unique in its potential to offer safe and effective systemic administration using a library of novel peptide-based biodegradable polymers.

We have established an impressive proprietary portfolio of siRNA sequences against more than 50 highly valued oncology and other disease targets. In addition, we have secured an exclusive license to the Zamore patent family from the University of Massachusetts, which covers broad structural features of siRNA design for more potent next-generation siRNA sequences. Our goal is to grow Intradigm to become a leading company in enabling the development of novel RNAi therapeutics against a broad range of therapeutic targets using our siRNA sequences and delivery technology.

For more information on Intradigm, please visit http://www.intradigm.com.

Source: Intradigm Corporation


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