HAYWARD, Calif., Dec. 20 /PRNewswire/ -- Acologix, Inc., a privately held biopharmaceutical company, announced today that the Company has raised $25.3 million in Series C financing.
Participating in this round, which closed December 16, 2005, were mostly institutional investors and venture capitals that participated in the previous rounds, namely, Tokio Marine & Nichido Fire Insurance Co., Ltd., JAIC America and it group companies, and Nomura Research and Advisory Co., Ltd. New investors participating in the round were Nomura Securities Co., Ltd. and UOB JAIC Venture Bio Investments Ltd. (UJVBI), a fund incorporated in Singapore.
“We are extremely fortunate to have the continued support from our existing investors from the previous financing rounds, as well as the endorsement from a new group of prestigious investors,” said Yoshi Kumagai, President and CEO of Acologix. “We believe this financing validates the progress that Acologix has made in each of its programs over the year, and will permit us to further advance our product development and commercialization efforts.”
Acologix plans to use most of the funding for the Phase III clinical development of AC-820, its drug candidate for the treatment of uremic pruritus in dialysis patients. Additionally, the Company plans to continue development of its hard tissue regeneration compound, AC-100, and AC-200, a drug candidate aimed at reducing serum phosphate levels associated with chronic kidney disease.
Acologix has raised over of $72 million to date through three rounds of private financing.
About Acologix, Inc.
Acologix strives to improve patients’ lives by developing and commercializing innovative biopharmaceuticals targeting “osteo-renal” (bone and kidney) diseases. Acologix’ substantial expertise in identifying and developing therapeutics with unique mechanisms of action in the osteo-renal field will be a key to solving major kidney and bone health problems. Such conditions include chronic kidney disease, renal osteodystrophy, bone repair and regeneration, periodontal disease, general dentistry and oral care. These conditions are present in increasing numbers worldwide and require the development of novel therapeutics. Acologix is uniquely focused on these rapidly growing health care problems. In June 2005, Acologix has announced a partnership with Toray Industries, Inc. of Japan on the development and commercialization of AC-820 (or TRK-820), an anti-pruritic agent for the treatment of uremic pruritus in dialysis patients. A European Phase III pivotal clinical study is underway. Acologix plans to launch a US Phase III trial in late 2006. Acologix’ leading hard tissue regeneration compound, AC- 100 (Dentonin(R)) is currently under investigation in two Phase II clinical studies in Europe and the United States for the repair of periodontal defects and in dental restorations, respectively. Acologix is also developing AC-200 (Phosphatonin) to treat hyperphosphatemia and its subsequent clinical problems associated with chronic kidney disease.
This press release contains “forward-looking” statements. These statements involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements include statements regarding product development and cannot be guaranteed. Acologix undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Acologix’ business.
Acologix, Inc.
CONTACT: Yoshi Kumagai, President and CEO, +1-510-512-7200, or fax,+1-510-786-1116, or ir@acologix.com
Web site: http://www.acologix.com/
