ALAMEDA, Calif., Aug. 3 /PRNewswire/ -- Pepgen Corporation, a biopharmaceutical company engaged in the development of novel autoimmune, inflammatory, and viral therapies announced that on July 22, 2004 it successfully completed a preferred stock financing, raising just over $7.5 million. Toucan Capital led the round of funding with participation from Biotechnology Development Funds, Valley Ventures, Asset Management Company, Veron International, and others. This new round of funding will be used by Pepgen Corporation to, among other things, complete a Phase II Clinical Study of the company's lead orally active product, Tauferon(TM), in multiple sclerosis (MS).
Tauferon can be administered orally, which is a significant improvement over existing therapies, which require frequent, painful injections. Tauferon also has an excellent safety profile and does not generate antibodies, both of which are concerns with first generation biologics for MS. According to the National Multiple Sclerosis Society, approximately 400,000 Americans have MS, and every week about 200 people are diagnosed with the disease. MS is a progressive and debilitating disease that disproportionately affects women in their mid 20s and 30s. There is no cure for MS today.
The new funding will also be used to explore additional indications for Tauferon and for pre-clinical development of Neoferon(TM) for the treatment of other autoimmune diseases and viral infections. An estimated 5 to 8% of the U.S. population is afflicted with autoimmune diseases and therapies are limited.
"This financing represents a strong validation of our lead compounds by a group of successful, experienced investors," said Stephen N. Kirnon, CEO of Pepgen. "We look forward to sharing updates on our continued growth and clinical accomplishments."
"We are pleased to lead this round of financing for Pepgen and look forward to working with the management team as they build a successful company focused on treating and preventing autoimmune and viral diseases," said Bruce Robertson, Ph.D., Managing Director at Toucan Capital Corp. of Bethesda, MD. "An orally-administered drug that is efficacious against MS would represent a significant improvement over existing therapies. We are confident that Pepgen's products will have a positive impact for patients."
About Pepgen Corporation
Pepgen Corporation, founded in 1992 by Dr. CP Liu is based in Alameda, CA. Pepgen is a privately held biopharmaceutical company seeking to develop and commercialize novel products for the prevention and treatment of autoimmune and viral disorders. For more information on the company, visit http://www.pepgen.com/ or call 510 473-0010.
About Toucan Capital
Toucan Capital Fund II, L.P. is a $120 million venture capital fund (SBIC) focused primarily on biotechnology and medical device investments, with a secondary emphasis on nanotechnology. Toucan invests nationwide and specializes in seed and early stage opportunities. Our investment professionals have extensive backgrounds in science, engineering, marketing, and finance at a variety of entrepreneurial and established companies. Toucan's primary offices are located in Bethesda, MD, outside of Washington, DC.
Pepgen Corporation