HAYWARD, Calif., Feb. 14 /PRNewswire/ -- Acologix, Inc., a privately held biopharmaceutical company, announced the second closing of the Company’s Series C Financing, adding approximately $4.5 million in additional new equity. In addition to the first closing from December 2005, the Company has now raised a total of $30 million in Series C funds. New institutional and venture capital investors joined existing shareholders in the second closing.
Acologix plans to use the majority of the funding for Phase III clinical development of AC-820, its drug candidate for the treatment of uremic pruritus in dialysis patients. Additionally, the Company also plans to continue development of its hard tissue regeneration compound, AC-100, as well as AC- 200, a drug candidate aimed at reducing serum phosphate levels associated with chronic kidney disease.
Acologix has raised approximately $77 million to date through three rounds of private financing.
About Acologix, Inc.
Acologix, a privately held biopharmaceutical company, is developing and commercializing innovative biopharmaceuticals targeting osteo-renal diseases, including chronic kidney disease, renal osteodystrophy, bone repair and regeneration, periodontal disease, general dentistry and oral care. Acologix is partnering with Toray Industries, Inc. of Japan on the development and commercialization of AC-820 (or TRK-820) for the treatment of uremic pruritus in dialysis patients. AC-820 is being studied in a European Phase 3 pivotal clinical trial, with a United States Phase 3 trial scheduled to launch in the second half of 2006. AC-100 (Dentonin(R)), a novel small peptide with dental and orthopedic applications, is currently being studied in two Phase 2 clinical studies, one in dental restoration procedures and another for the repair of periodontal defects. Acologix is also developing AC-200 (Phosphatonin) to treat hyperphosphatemia and subsequent clinical problems associated with chronic kidney disease. For more information go to www.acologix.com.
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’s business.
Acologix, Inc.
CONTACT: Yoshi Kumagai, President and CEO of Acologix, +1-510-512-7200, orfax, +1-510-786-1116, or ir@acologix.com
Web site: http://www.acologix.com/
