JAMESBURG, N.J., June 11 /PRNewswire/ -- Phytomedics Inc., an innovative biopharmaceutical company focused on the discovery, development, and manufacture of novel therapeutics, announced today that it has secured a $9 million Series B financing round. Previous investors Inventages Venture Capital Investments Inc. and U.S.-based Burrill & Company participated in the round.
“We are very pleased to receive this additional vote of confidence from these premier venture firms in the global life sciences investment community,” said Bertold Fridlender, President and CEO of Phytomedics Inc. “With this new round of funding, Phytomedics Inc. will advance Phase III development activities related to its lead drug candidate, PMI-001 for rheumatoid arthritis, as well as continue the development of additional clinical candidates in its drug pipeline, including products for Type II diabetes, obesity, and age-related frailty.”
“As the recent success of our lead drug candidate PMI-001 in its recent Phase II RA study shows, FDA defined botanical drugs are becoming a viable alternative to the creation of blockbuster pharmaceutical candidates, at development costs substantially below drug industry standards. We look forward to furthering our pre-eminent position in this market space and introducing this new sphere of drug product to the U.S. and international healthcare systems,” said Fridlender.
About Phytomedics Inc.
Phytomedics Inc. (www.phytomedics.com) uses a broad and innovative proprietary technology platform to discover, develop, manufacture, and commercialize novel, multi-component and multi-functional botanical therapeutics. Founded by Professor Ilya Raskin, Ph.D., the company’s Chief Scientific Officer, Phytomedics Inc. conducts most of its research at the Biotech Center of Rutgers University.
About Inventages Venture Investments Inc.
Inventages Venture Investments Inc. is one of the largest venture/private equity funds with more than $1.5 billion under management specializing in life sciences. The company is invested in Phytomedics Inc. since 2003. Inventages has multiple funds under management all specialized in the life sciences with an emphasis on preventing diseases. The investment focus includes innovative food, nutrition, nutraceuticals, medical food, cosmeceuticals, pharmaceuticals, as well as, consumer relation management, processes and novel packaging technologies. The Company is operating out of three offices around the globe, Auckland, Geneva and Nassau.
About Burrill & Company
Burrill & Company is a life sciences merchant bank focused exclusively on companies spanning the life sciences, including those in biotechnology, pharmaceuticals, diagnostics, human healthcare and related medical technologies, agricultural technologies, nutraceuticals, and biomaterials/bioprocesses. Burrill’s business activities include strategic advisory services, publications, conferences, and the management of venture capital funds. The Burrill family of venture capital funds, with over $485 million under management, includes the Burrill Biotechnology Capital Fund, the Burrill Agbio Capital Fund and its successor-the Burrill Agbio Capital Fund II, the Burrill Nutraceuticals Capital Fund and the Burrill Life Science Capital Fund.
Phytomedics Inc.
CONTACT: Ira S. Pastor, Vice President, Business Development ofPhytomedics Inc., +1-609-655-0715, pastor@phytomedics.com
Web site: http://www.phytomedics.com//
