Los Angeles Biotech C3 Jian, Inc. Reels In $60 Million Series D
3/18/2014 7:16:57 AM
C3 Jian Closes $60M Series D Financing
LOS ANGELES, March 17, 2014 (GLOBE NEWSWIRE) -- C3 Jian, Inc., a private company focused on developing proprietary drugs with an initial focus on improving oral healthcare, announced today the close of its Series D financing raising total proceeds of $60.5 million.
Funds from the financing will be used to support continued clinical development of the Company's lead product, referred to as C16G2, a proprietary peptide-based antimicrobial drug specifically targeting Streptococcus mutans, a bacterium responsible for dental caries or tooth decay. Under a U.S. FDA Investigational New Drug Application, the Company recently began a Phase 2 Clinical Trial to study C16G2 formulated as a mouth rinse as well as a gel for both dental tray and tooth brush applications. Proceeds received will also help advance development of a second peptide drug candidate that has both teeth remineralization, as well as hair/nail growth properties. In addition, the Company plans to build a pipeline of additional innovative compounds using its proprietary STAMP (Specifically Targeted Antimicrobial Peptide) technology platform. STAMPs have the potential to alter human microbiomes by targeting and eliminating a specific bacterium versus broad spectrum antibiotics. The Company expects to explore development of STAMPs for medical uses in addition to oral healthcare.
Current shareholders as well as new investors participated in this round of financing, which was led by Renaissance Holding Company (RHC), a national dental insurance holding company. New shareholders include Delta Dental affiliated dental benefits administrators covering most of the U.S.
"The support of our shareholders has allowed us to advance our lead product to Phase 2 FDA testing, as well as expand our pipeline portfolio," said Todd R. Patrick, C3 Jian's President and CEO. "With new Delta Dental companies joining in, we are well positioned to take C16G2 through Phase 2 in both adults and children, and also explore the potential of the STAMP platform in other applications, although we will maintain our focus on oral healthcare."
About C3 Jian, Inc.
C3 Jian is a clinical-stage biotechnology company developing and commercializing novel products to diagnose, treat and prevent diseases related to the human microbiome, with an initial focus on improving oral health. C3 is advancing proprietary targeted solutions, which can offer more selective, efficacious and safer treatment modalities than broad spectrum antibiotics. The Company's platform cell signaling STAMP technology has potential applications to a variety of diseases and disorders particularly related to bacterial and fungal infections. C3 Jian is based in Los Angeles, California.
For more information about the company, please visit www.c3-jian.com.
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