SAN DIEGO, Dec. 19, 2012 (GLOBE NEWSWIRE) -- Lithera, Inc. today announced investment of $20.6 million in preferred stock equity financing. Additional investment may provide the Company with up to a total of $35.6 million in the financing. The investment was led by RusnanoMedInvest ("RMI" a subsidiary of RUSNANO) made in connection with a joint investment collaboration with Domain Associates. Domain Associates and Alta Partners, current investors in Lithera, also participated in the financing along with new investors AMOREPACIFIC Ventures and Numoda Capital Innovations. AMOREPACIFIC is the largest cosmetic and aesthetic company in South Korea (one of the world's largest aesthetics markets). Numoda Capital is the investment arm of Numoda Corporation, a leading provider of clinical trial information and logistics services to promising life sciences companies.
Lithera expects to use a portion of the proceeds from the financing to conduct the RESET Trial (CL-16) -- a 500-patient, multi-center, randomized, placebo-controlled Phase 2b trial of Lithera's LIPO-202 (Salmeterol Xinafoate for Injection). This trial will measure the effects of three doses of LIPO-202 on abdominal bulging due to excess subcutaneous fat in healthy, non-obese subjects.
"We are pleased to attract a prestigious syndicate of investors with a proven track record of investing in development companies similar to Lithera," said George W. Mahaffey, President and CEO of Lithera. "Domain and Alta have been strong supporters of Lithera and we look forward to our new partnership with RMI. We are also pleased to welcome AMOREPACIFIC and Numoda. Abdominal contouring is a rapidly growing area of aesthetic medicine and our injectable, non-ablative approach to reduce the size of subcutaneous abdominal fat deposits should be highly desirable to physicians and patients."
Lithera is a clinical stage company developing pharmaceutical and biomedical products addressing both lifestyle and medical indications in aesthetic medicine and ophthalmology. Using FDA-registered drugs approved for use in other indications, Lithera's products target and stimulate natural fat tissue metabolism to achieve non-ablative, non-surgical fat tissue reduction in specific locations. Our lead product candidate, LIPO-202 (Salmeterol Xinafoate for Injection), is a novel injectable pharmaceutical product designed to produce local, selective fat tissue reduction (pharmaceutical lipoplasty). LIPO-202 is currently under development for the aesthetic reduction of subcutaneous fat in the periumbilical area. LIPO-102 (Salmeterol Xinafoate and Fluticasone Propionate for Injection) is currently under development for the treatment of symptomatic exophthalmos (protrusion of the eye from the orbit) associated with thyroid-related eye disease (the thyroid condition is also known as Graves' Disease). Founded in 2007, the Company has assembled an exceptional team of senior executives, employees and advisors and has been financed by top-tier venture capital firms. For more information on Lithera, Inc., please visit www.lithera.com.
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Lithera, LIPO-102, LIPO-202 and the Lithera logo are trademarks or registered trademarks of Lithera, Inc. Other names and brands may be claimed as the property of others.
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