MALVERN, Pa.--(BUSINESS WIRE)--Sept. 5, 2006--Medior, a product-focused biotech company developing novel therapeutics for the treatment of fibrotic disorders and diseases, announced its first institutional round of financing of $7.0MM.
Polaris Venture Partners and Morgenthaler Ventures led the round and were joined by HealthCare Ventures and Easton Capital. The funding will be used for research and development activities.
“This financing will allow us to move the lead compound of our pipeline through preclinical development and on to the clinic,” said Tim Pelura, Ph.D., President and CEO of Medior. “Our lead compound has come from some very novel biology that represents a revolutionary way to treat various debilitating disorders that are hallmarked by fibrosis. This compound appears to control the hair-trigger switch between inflammation and scar formation resulting from disease, trauma, infection, or medical treatments. Such an approach has significant clinical potential to reduce or eliminate inappropriate scar tissue in various organ systems.”
Dr. Pelura has a diverse background in life sciences-related management and technology. Prior to joining Medior, Dr. Pelura was CTO of Kereos, a biotech company developing targeted therapeutics and molecular imaging agents in the oncology and cardiovascular arenas. He has also held various executive positions at several biotech and pharmaceutical companies, including Provasis Therapeutics, Neuron Therapeutics, Alliance Pharmaceuticals, and Pharmacia.
Also joining the executive team as Chairman is Paul D. Goldenheim, MD. Dr. Goldenheim recently held the position of President of TransForm Pharmaceuticals which was acquired by Johnson & Johnson in 2005. Dr. Goldenheim has over 20 years experience in pharmaceuticals and biotechnology and currently serves as a Director of several companies.
“Fibrosis is the hallmark of many debilitating clinical conditions such as liver cirrhosis, diabetic nephropathy, and pulmonary fibrosis. We are excited about the unique approach Medior is taking to address these terrible, incurable diseases,” said Jim Broderick, M.D., General Partner of Morgenthaler Ventures, and one of the co-founders of the company.
“We are fortunate to invest in a talented executive team at Medior. Tim, Paul and their team have broad experiences in product development, and we look forward to advancing our technology with the Series A financing,” said Amir Nashat, Ph.D., Principal at Polaris Venture Partners, and a Director of the Company.
About the Company
Medior is a product-focused biopharmaceutical company, based in Malvern, PA, developing novel anti-fibrotic therapeutics. The company spun out of Trellis Bioscience of South San Francisco, CA.
Contact: Medior, Inc., Malvern Timothy J. Pelura, 484-913-1285
Source: Medior, Inc.
