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KaloBios Raises $20 Million in Series D Venture Financing
23 / 09 / 2008
KaloBios Pharmaceuticals, Inc. today announced that the company has raised $20 million in the first closing of its Series D venture financing. The financing was co-led by Mitsubishi UFJ Capital and Genzyme Ventures, both new investors, with the participation of the company's previous investors, MPM Capital, Alloy Ventures, GBS Ventures, Sofinnova Ventures, Singapore Bioinnovations, Pte., 5AM Ventures and Lotus Bioscience Ventures.
"We are very pleased to complete this close in a very challenging financing environment," said David Pritchard, KaloBios' President and Chief Executive Officer. "This achievement reflects our new and existing investors' appreciation of the value we've built through the combination of high quality biology and our HumaneeringT technology, which enabled us to create a growing portfolio of potential first-in-class human antibody therapeutics in development focused on significant market opportunities.
"These new funds will enable us to complete our seven Phase 1 and Phase 2a clinical trials and to prepare to advance our current clinical drug candidates, KB001 and KB003, to Phase 2b clinical trials. They will also allow us to progress a third antibody, KB004, to the Investigational New Drug (IND) stage and to further develop our research pipeline. We plan to talk to potential partners about our clinical and IND programs next year, and this financing combined with the company's current cash, will provide the management team with the resources to evaluate those partnering opportunities from a position of strength."
KB001 is a HumaneeredT, high-affinity antibody fragment that KaloBios is developing for the treatment of Pseudomonas aeruginosa infections. The antibody is currently in Phase 1/2 testing in both patients with cystic fibrosis and intensive care patients on ventilation. KB003 is a HumaneeredT IgG1 antibody that is finishing Phase 1 clinical trials, and along with its prototype KB002, is currently being investigated in five clinical trials as a treatment for autoimmune diseases, including persistent asthma and rheumatoid arthritis. KB004 is a HumaneeredT IgG1 antibody that binds to a receptor tyrosine kinase expressed on the surface of tumor vasculature and tumor cells. This antibody is being developed for the treatment of solid tumors and some hematologic cancers.
Montgomery & Co. LLC's health care team assisted the company with financial aspects of the financing and Gunderson Dettmer provided legal counsel.
"We are very pleased to complete this close in a very challenging financing environment," said David Pritchard, KaloBios' President and Chief Executive Officer. "This achievement reflects our new and existing investors' appreciation of the value we've built through the combination of high quality biology and our HumaneeringT technology, which enabled us to create a growing portfolio of potential first-in-class human antibody therapeutics in development focused on significant market opportunities.
"These new funds will enable us to complete our seven Phase 1 and Phase 2a clinical trials and to prepare to advance our current clinical drug candidates, KB001 and KB003, to Phase 2b clinical trials. They will also allow us to progress a third antibody, KB004, to the Investigational New Drug (IND) stage and to further develop our research pipeline. We plan to talk to potential partners about our clinical and IND programs next year, and this financing combined with the company's current cash, will provide the management team with the resources to evaluate those partnering opportunities from a position of strength."
KB001 is a HumaneeredT, high-affinity antibody fragment that KaloBios is developing for the treatment of Pseudomonas aeruginosa infections. The antibody is currently in Phase 1/2 testing in both patients with cystic fibrosis and intensive care patients on ventilation. KB003 is a HumaneeredT IgG1 antibody that is finishing Phase 1 clinical trials, and along with its prototype KB002, is currently being investigated in five clinical trials as a treatment for autoimmune diseases, including persistent asthma and rheumatoid arthritis. KB004 is a HumaneeredT IgG1 antibody that binds to a receptor tyrosine kinase expressed on the surface of tumor vasculature and tumor cells. This antibody is being developed for the treatment of solid tumors and some hematologic cancers.
Montgomery & Co. LLC's health care team assisted the company with financial aspects of the financing and Gunderson Dettmer provided legal counsel.